Why Is Dogecoin Going Up With Bitcoin, Ethereum Firmly In The Red?

Dogecoin DOGE/USD traded 4.14% higher at $0.1458 over 24 hours leading up to early Thursday morning.

The bellwether meme coin surged even as Bitcoin and Ethereum traded significantly in the red at press time, and the global cryptocurrency market cap declined 1.99% to $1.88 trillion.

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The Doge Factors

Tesla Inc. TSLA CEO Elon Musk disclosed in a SEC filing he has made an offer to acquire 100% of Twitter at $54.20 per share. Musk is a major backer of Dogecoin and the meme cryptocurrency saw a sudden spike in the aftermath of the disclosure.

DOGE was among the most mentioned coins on Twitter at press time, according to Cointrendz data. The three most mentioned coins were Bitcoin, Ethereum, and XRP.

The 24-hour trading volume for DOGE surged 152% to $1.9 billion at press time, according to CoinMarketCap.

Coinglass data showed that $3.94 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme cryptocurrency surged.

Robinhood Changed Dogecoin Rival’s Description?

A Twitter post by the handle JustinScerini noted that Robinhood Markets Inc HOOD have changed the description of DOGE-rival Shiba Inu SHIB/USD on their website. 

Notably, on the Robinhood blog that announced the listing of SHIB, the original description which states SHIB as an “alternative to Dogecoin” is still in place. 

Doge Around The Web

DOGE co-creator Billy Markus reminded his followers on Twitter that cryptocurrency buying and selling is not investing but “gambling.”

“There should be no expectation for financial gain,” said Markus.

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