Why Is Dogecoin Flexing Its Muscles Today?

DOGE traded higher early Tuesday morning amid wider appreciation seen in other major cryptocurrencies.                                                                         

Why It’s Moving? DOGE rose higher as the global cryptocurrency market cap rose 5.4% to $1.8 trillion. 

DOGE wasn’t included in the most mentioned cryptocurrencies on Twitter, according to Cointrendz data.

The three most mentioned coins on Twitter were Bitcoin, Ethereum, and Cardano. They attracted 9,304, 5,437, and 2,444 tweets respectively. 

Major cryptocurrencies rose on Monday night as the apex coin outperformed the S&P500 over the last week in terms of gains despite headwinds such as a hawkish Federal Reserve.

DOGE could be ready to wake up from slumber and trade higher if it is able to break up from the horizontal pattern on its chart. The horizontal trading pattern has been tightening as DOGE runs out of both buyers and sellers, according to Benzinga’s Melanie Schaffer.

Dogecoin Chatter: Gokhshtein Media founder and DOGE bull David Gokhshtein said Monday that the meme cryptocurrency will be accepted at a “lot of major companies” like the “Nike’s of the world.”

$DOGE will be accepted at a lot of major companies.

The Nike’s of the world.

— David Gokhshtein (@davidgokhshtein) January 31, 2022

Meanwhile, a recently launched Dogecoin knockoff project tweered that Tesla Inc TSLA CEO Elon Musk will become a trillionaire after DOGE-1 mission to the moon is completed. 

Elon Musk will become a trillionaire after $DOGE-1 mission is completed!

— Doge-1 (@doge1moon_CEO) January 31, 2022

Read Next: Is It Getting More Profitable To Short Dogecoin Than Going Long Based On Elon Musk's Tweets?

Photo: Jose Rodrigo Safdiye/Benzinga