Why Is Dogecoin Reversing Course Today?

Dogecoin DOGE/USD traded 1.1% higher at $0.2369 over 24 hours early morning Tuesday.

What’s Moving? The Shiba Inu-themed coin has plunged 21.7% over a seven-day trailing period.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 2% and 2.3% lower, respectively.

The meme cryptocurrency is up 4,054.79% since the year began.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE's recovery is in line with other major coins at press time, which traded in the green as the global cryptocurrency market cap rose 3.26% to $2.08 trillion.

At press time, DOGE did not attract high interest on Twitter as it was mentioned in 1,243 tweets, while BTC, the top cryptocurrency in Cointrendz’s list of Twitter’s ten most mentioned coins, attracted 7,240 tweets.

Litecoin LTC/USD was the second-most mentioned cryptocurrency on Twitter. On Monday, a fake press release that announced a partnership between LTC and Walmart Inc WMT led to a steep spike in the cryptocurrency’s price.

Dogecoin co-creator Billy Markus noted that LTC skyrocketed 25% on “the BS.” after which the “gains [were] erased in minutes.” Markus said this was a wake-up call not to take “this stuff so seriously.”

Meanwhile, in a Benzinga survey of sentiment, 68.3% of respondents said that DOGE will reach $1 by the end of 2021.

Also on Monday, YouTuber Matt Wallace said he was buying the dip in Dogecoin. He announced the purchase of 6,900 coins for a total price of $1,664.34.

The number 69 carries sexual connotations and is often used by the DOGE community along with 420, which is connected to cannabis.

See Also: Why This Voyager Ad For Crypto Trading Has Dogecoin Community All Excited