Elon Musk Effect? Why Dogecoin Is Going Up Today

Dogecoin DOGE/USD traded 2.28% higher at $0.27 over 24 hours early Monday morning.

What’s Moving: The meme cryptocurrency has risen 0.58% over the last seven days. 

Against Bitcoin and Ethereum — the two largest cryptocurrencies by market cap — it has risen 1.47% and 2.41% respectively.

DOGE has gained 24.4% over the last 30 days. Since the year began, it rose 4674.29% reaching an all-time high of $0.74 in May.
See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE was rising at press time along with rival Shiba Inu as the global cryptocurrency market cap rose 0.21% to $2.63 trillion.

DOGE was the fourth-most mentioned cryptocurrency on Twitter at press time. It was reffered in 2,313 tweets, as per Cointrendz data. 

The top two trending cryptocurrencies, Bitcoin and Shiba Inu, were referred to in 6,127 and 6,065 tweets, respectively. 

Even though certain altcoins are buoyant, the market is still not in the midst of an “altcoin season,” as per Blockchaincenter’s index.

A market intelligence firm pointed out that Bitcoin is “ready to rally” and may hit real resistance on its way up to $100,000 levels.

Meanwhile, Dogecoin-bull and Tesla Inc TSLA CEO Elon Musk said Sunday that the Texas university he plans — “Texas Institute of Technology & Science” — would accept tuition fees in DOGE.

Another meme coin, Dogelon Mars, is soaring as it was listed on OkEx and Crypto.com end-October. Its market cap has increased from $26 million on Oct. 1 to $1.4 billion on Oct. 30, making it the best gainer of the month.

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