Why Dogecoin (DOGE) Is Popping Off Again

Dogecoin DOGE/USD is trading higher by some 9.18% to $0.139 Tuesday morning, though off the day's high of $0.157. Per the Benzinga overnight newsdesk, the rise in the meme crypto followed a tweet from Elon Musk, where the CEO of Tesla shared a photo of a Shiba Inu dog wearing a Twitter-branded t-shirt.

See Also: If You Invested $1,000 In Dogecoin When Elon Musk Revived His $44B Twitter Offer, Here's How Much You'd Have Now

Our Benzinga team has also reported some analysts are predicting significant momentum ahead, which could see it cross the 50-cent mark.

Doge has been on the run-up since CEO Elon Musk took over Twitter. Nearly $140 million of the meme coin has been liquidated since then. $80 million has been liquidated from traders holding short positions.

Santiment noted that “social dominance” has been a primary indicator for DOGE as “crowd hype spikes have created local tops, and crowd fear foreshadowed bottoms.” The market intelligence platform noted in a tweet that DOGE-related discussions peaked at Saturday’s local top and that the meme coin is still “decoupled from markets.”...Read More