Dogecoin Rides The Crypto Wave As Market Stages Recovery

Dogecoin DOGE/USD traded nearly 2% higher at $0.15 early Tuesday morning after major cryptocurrencies spiked. 

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving: Major coins spiked Tuesday after Canada imposed an emergency, which allows the government to suspend or freeze bank accounts without a court order. The global cryptocurrency market cap rose 4.8% to $1.95 trillion.

DOGE was among the most mentioned coins on Twitter. At press time, it was mentioned in 1,010 tweets, according to Cointrendz data.

Shiba Inu, Bitcoin, and Ethereum were the most mentioned coins. They attracted 9,913, 9,742, and 4,984 tweets, respectively. 

Evidence of de-risking is visible in the futures market, according to Glassdoor, which pointed out that Bitcoin futures term structure has flattened out through to March — parallel to expected rate hikes by the U.S. Federal Reserve. 

On Monday, Tesla Inc TSLA CEO and DOGE bull Elon Musk replied to a tweet by a Twitter user who suggested that SpaceX merch and Starlink should be purchasable using DOGE. The entrepreneur dished out a “wink” emoji in response. Musk is also the CEO of SpaceX.

DOGE co-creator Billy Markus said that he wants to purchase a model rocket with dog money in relation to the Musk tweet. 

i wanna buy a model rocket with dog money pic.twitter.com/SFiLoOj1Iv

— Shibetoshi Nakamoto (@BillyM2k) February 14, 2022

Dogecoin Chatter: DOGE-oriented Twitter handle Mishaboar said that while they were against creating hype, Musk and his companies adding DOGE as a payment method is “one of the most helpful things anybody could do for [DOGE’s] adoption.”

I am against creating hype, but shibes like @elonmusk and his companies actually adding #Dogecoin as a payment method is one of the most helpful things anybody could do for #Doge's adoption.@mcuban did it last year as well, with his Mavericks' shop.

Thank you! https://t.co/9hzY27IF3u

— Mishaboar (@mishaboar) February 14, 2022

Read Next: LeBron James, Larry David And QR Codes: The Star-Studded Crypto Super Bowl Commercials