Why Is Dogecoin Moving Higher Today?

Dogecoin DOGE/USD traded 10.28% higher at $0.26 over 24 hours leading up to early Wednesday.

What’s Moving? The Shiba Inu-themed cryptocurrency has shot up 30.15% over a seven-day trailing period.

See Also: How To Buy Dogecoin (DOGE)

Against its larger peers Bitcoin BTC/USD and Ethereum ETH/USD, DOGE rose 5.81% and 7.36%, respectively.

Since the year began, DOGE has skyrocketed 4504.3%. The cryptocurrency’s gains in the last 90 days amount to 20.41%.

Why Is It Moving? Dogecoin moved higher in parallel with other major coins on Wednesday morning as the global cryptocurrency market cap rose 2.77% to $2.23 trillion.

See Also: Dogecoin And Shiba Inu Might Be Hounding All The Attention But Popular Analysts Say These DeFi Coins Are Ready For Some Action

DOGE did not see high interest on Twitter at press time and was mentioned in 1,821 tweets, as per Cointrendz data.

BTC and SHIBA INU (SHIB), which were mentioned in 8,905 and 4,862 tweets respectively, topped Cointrendz’s list of top 10 mentions on Twitter.

On Tuesday, the U.S. Securities and Exchange Commission Chair Gary Gensler said in a Congressional hearing that the regulator has no China-like plans to ban cryptocurrencies and that the agency’s “approach is really quite different.”

On the DOGE side, AMC Entertainment Holdings Inc AMC CEO Adam Aron said that the theater chain was now accepting DOGE for the sale of digital gift cards. 

Meanwhile, Youth fashion retailer PacSun is set to become the first major fashion brand to accept DOGE and other cryptocurrencies through BitPay.

Dogecoin appears to have found support and crossed above the 50-day moving average on Tuesday. This level may act as an area of support, while the 200-day moving average may emerge as a resistance, as per a report from Benzinga’s Tyler Bundy.

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