Why Is Dogecoin Shooting Up Today?

Dogecoin DOGE/USD traded 8.5% higher at $0.27 over 24 hours early Monday morning.

What’s Moving? The meme cryptocurrency has shot up 11.73% over a seven-day trailing period.

DOGE moved 6.06% and 7.3% higher against Bitcoin and Ethereum respectively over 24 hours. Since the year began, DOGE has appreciated 4632.98%. Its 90-day gains stand at 34.20%.

At press time, DOGE traded 63.35% below its all-time high of $0.74 reached in May. 

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Doge moved higher in tandem with other major coins at press time as the global cryptocurrency market cap rose 1.32% to $2.58 trillion.

DOGE was the third most trending cryptocurrency on Twitter at press time and was mentioned in 9,657 tweets, as per Cointrendz data.

The top two trending coins, Shiba Inu and Bitcoin, were mentioned in 25,576 and 17,831 tweets, respectively. Dogecoin was also trending on Stocktwits and CoinMarketCap.

On Sunday, DOGE got a boost from Tesla Inc TSLA CEO Elon Musk who responded to a recent Benzinga report — cited by Dogecoin millionaire Glauber Contessoto — about one-third of United States cryptocurrency investors owning DOGE.

Musk confirmed that he held just Bitcoin, Ethereum, and Dogecoin but did not own any Shiba Inu coin.

The comments by the entrepreneur spurred spirited discussions on the respective Reddit forums related to Dogecoin and Shiba Inu.

Also on Sunday, Musk denied that Jared Birchall, the head of his family office, was on the advisory board of the re-established Dogecoin Foundation. At press time Birchall was still listed as an advisor on the Foundation’s webpage.

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