Why Is Dogecoin Shooting Up Today?

Dogecoin DOGE/USD traded 15.4% higher at $0.19 over 24 hours leading up to early Friday morning.

What’s Moving? The Billy Markus co-created cryptocurrency has soared 29.35% over a seven-day trailing period.

DOGE traded 9.8% higher against both Bitcoin (BTC) and Ethereum (ETH) respectively over 24 hours.

Over a 30-day period, DOGE has fallen 3.3%, while it has dropped 26.5% over the last 90 days. 

Since the year began, DOGE has risen 1.6%. It touched an all-time high of $0.74 in May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE broke away from major coins to trade higher at press time as the global cryptocurrency market cap fell 1.55% to $2 trillion.

DOGE was the second-most mentioned coin on Twitter, according to Cointrendz. At press time, it attracted 4,846 tweets. The most mentioned coin was Bitcoin, which attracted 11,008 tweets.

The meme cryptocurrency also attracted high interest from retail traders as DOGE was the top trending name on Stocktwits. 

DOGE was also noted as trending on price tracking websites CoinMarketCap and Coingecko at press time.

On Thursday night, the website of Tesla Inc TSLA began displaying prices of several items in DOGE. The website also appears to have enabled DOGE payments for select items.

Tesla’s move came a month after its CEO Elon Musk said the company  “will make some merch buyable with Doge & see how it goes.”

Musk confirmed the automaker’s move on Twitter in the early hours of Friday and Cyberwhistle, one of the items available for purchase with Dogecoin, was sold out within hours.

Earlier on Thursday, the rebound seen in major coins was short-lived but DOGE continued to show strength.

Benzinga’s Melanie Schaffer noted Thursday that DOGE may be in for a bullish reversal in 2022 and if the coin is able to move over the 50-day simple moving average over the next days, the trend may continue for the longer term.

Read Next: Is Cardano Moving Higher Today In Anticipation Of A Coming Wave Of DeFi, Smart Contract Use Cases?