Why Is Dogecoin On The Rise Today?

Dogecoin DOGE/USD traded 3.2% higher at $0.07 over 24 hours leading up to early Friday.

The meme coin rose in tandem with other major coins as the global cryptocurrency market cap rose 5.3% to $964.1 billion.

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The DOGE Factors

• Dogecoin was among the most-mentioned coins on Twitter at press time, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and Solana
• The 24-hour trading volume for DOGE rose 16.2% to $445.44 million, according to CoinMarketCap data
• Coinglass data indicated that at press time $1.22 million worth of DOGE were liquidated over 24 hours as the price of the meme coin rose 
• DOGE’s relative strength index stood at 51.42, according to TradingView. An RSI of less than 30 indicates oversold conditions while above 70 it reflects overbought conditions

Key Data Release Doesn't Deter DOGE

On Friday, investors are expecting the release of U.S. jobs data, while next week the consumer price index figures are due. CPI data would give a clue to whether the U.S. Federal Reserve will continue to raise interest rates. Despite the possibility of macroeconomic headwinds, major coins including DOGE showed strength on Thursday.

DOGE On The Web

Dogecoin co-creator Billy Markus said in a tongue-in-cheek post on Twitter that while crypto is rallying it is back to 10-30% of all-time highs. 

While DOGE is down 90.45% from its all-time high of $0.73, which it hit in May last year, Bitcoin is down 68.3% from its ATH of $68,789.63, which it hit in November last year.

While DOGE-bull and Tesla Inc TSLA CEO Elon Musk has confessed to having a penchant for socks, another Shibe — Dogecoin “millionaire” Glauber Contessoto — has now come out and declared his love for the clothing item.

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