Why Dogecoin Is Trading Higher Today

Dogecoin DOGE/USD traded 3.6% higher at $0.135 over 24 hours leading up to early Thursday. 

DOGE was seen trading higher alongside other major coins as the global cryptocurrency market cap rose 4.4% to $1.8 trillion at press time.

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The DOGE Factors

• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data.
• The 24-hour trading volume for DOGE rose 66.35% to $941.96 million at press time, according to Cointrendz data.
• Coinglass data showed that $1.64 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme coin shot up.

Cryptos Rally Post Rate Hike

Dogecoin and other cryptocurrencies rallied after a smaller than feared rate hike of 0.5% was announced by the U.S. Federal Reserve on Wednesday. Edward Moya, a senior market analyst with OANDA said that “risky assets can rally now that Wall Street has fully priced in the rest of the year’s rate hikes by the Federal Reserve.”

The DOGE Chart

Benzinga’s Melanie Schaffer wrote Wednesday that if DOGE is able to surge up above the April 30 and May 1 highs at the 0.136 level, the uptrend in the cryptocurrency will confirm as it has already printed a higher low at the 0.126 level on Tuesday. Other factors working in favor of the meme coin are a slightly higher relative strength index and a decrease in volume, which according to Schaffer is often followed by a surge.

Gucci Will Take Your DOGE

Luxury retailer Gucci plans to accept DOGE and other cryptocurrencies like Bitcoin and Ethereum for in-store payments from the end of this month. The first stores to accept the coin will be in New York, Los Angeles, Atlanta, and Las Vegas, according to a company statement. 

DOGE On The Web

Dogecoin co-creator Billy Markus shared a Benzinga article detailing the largest commercial DOGE transaction to purchase BIG3 Basketball Team.

“Dogecoin is gonna be on a basketball jersey! and @Benzinga  wrote the thing! much amuse,” said Markus.

dogecoin is gonna be on a basketball jersey!

and @Benzinga wrote the thing!

much amuse https://t.co/9NsLfAGcvw

— Shibetoshi Nakamoto (@BillyM2k) May 4, 2022

BIG3 extended a welcome to the DOGE Army on Wednesday. 

Much wow! Welcome to the BIG3, #DogeArmy.

Full story: https://t.co/BRM0U2HpIV@icecube | @westcoastbill pic.twitter.com/UIhS2RLOX8

— BIG3 (@thebig3) May 4, 2022

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