Why Is Dogecoin Shooting Up Today?

Dogecoin traded 6.85% higher at $0.3194 over 24 hours in the early hours of Friday.

What’s Moving? The meme-themed cryptocurrency was up 13.7% over a seven-day trailing period at press time.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 0.84% higer and 0.45% lower, respectively.

Since the year began, DOGE has shot up 5,517.8%.

See Also: How To Buy Dogecoin (DOGE)

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Why Is It Moving? DOGE followed larger cryptocurrencies into the green at press time as the global cryptocurrency market cap rose 6.35% to $2.03 trillion.

The Shiba Inu themed cryptocurrency was among the most mentioned coins on Twitter Inc’s TWTR social media platform at press time, as per data from Cointrendz.

On Wednesday, Robinhood Markets Inc HOOD, an online brokerage popular with retail investors, released its second-quarter results and disclosed that its revenue from cryptocurrencies shot up to $233 million from the $5 million figure recorded a year earlier. 

Significantly, 62% of the cryptocurrency-based revenue arose from DOGE in the quarter, compared to 34% in the preceding quarter.

Television host Jim Cramer expressed surprise at the DOGE revenue figures of Robinhood and said, “When you peel back the onion of Robinhood it seems like it's a Dogecoin gateway."

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