Why Is Dogecoin Moving Higher Today?

Dogecoin DOGE/USD shot up 10% to $0.24 over 24 hours leading up to early Tuesday morning.

What’s Moving? The meme cryptocurrency has risen 17.64% over a seven-day trailing period.

DOGE gained 6.46% and 9.25% against Bitcoin BTC/USD and Ethereum ETH/USD respectively over 24 hours. 

The Shiba Inu-themed cryptocurrency has skyrocketed 4082.24% so far this year. 

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE rose along with other major cryptocurrencies on Tuesday, on a day Shiba Inu (CRYPTO: SHIB), a self-described DOGE-killer, also posted spectacular 24-hour gains. The global cryptocurrency market cap rose 2.05% to $2.16 trillion at press time.

DOGE saw moderate interest on Twitter at press time. The cryptocurrency was mentioned in 2,926 tweets, as per Cointrendz data.

In the recent cryptocurrency rally, it is the short-term BTC holders that benefitted most, as per a recent note from Glassnode.

“As a larger portion of the market return to profit, it creates incentives for some investors to take profits, but also can recover conviction to hold onto their winners,” said the on-chain analytics firm.

Meanwhile, a DOGE-knockoff Flokinomics FLOKIN/USD, named after Musk’s Shiba Inu dog, surged on Monday night. The BSC platform token’s trading volume touched $3 million within 24 hours.

See Also: What's Driving Adoption Of Bitcoin, Dogecoin And Ethereum In India And Vietnam?