This is why Dogecoin is skyrocketing today

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Dogecoin (CRYPTO:DOGE) has advanced 15.4% to $0.19 during the 24 hours leading up to early Friday morning.

Observed movements

The cryptocurrency co-founded by billy markus it has shot up 29.35% during a follow-up period of seven days.

DOGE traded 9.8% higher vs. Bitcoin (BTC) and Ethereum (ETH), respectively, after a follow-up period of 24 hours.

Over a 30-day period, DOGE has fallen 3.3%, while it has subtracted 26.5% in the last 90 days.

Since the beginning of the year, DOGE is up 1.6%. The asset hit an all-time high of $0.74 in May.

Why does it move?

DOGE broke away from major coins to trade higher during the latest review as the global cryptocurrency market capitalization fell 1.55% to $2 trillion.

DOGE was the second most mentioned coin on Twitter, according to Cointrendz. It had received 4,846 mentions in tweets the last time it was consulted. The most mentioned currency was Bitcoin, which attracted 11,008 tweets.

cryptocurrency meme also attracted great interest from traders retailers, as DOGE was the most trending name on Stocktwits.

DOGE was also trending on price tracking websites CoinMarketCap and Coingecko in the most recent review.

On Thursday night, the website of Tesla Inc. (NASDAQ:TSLA) began displaying prices for various items on DOGE. The website also appears to have enabled Dogecoin payments for select items.

Tesla’s move has come a month after its CEO, Elon Musk, said the company would “make some products shoppable with Doge and see how it works.”

Musk confirmed the manufacturer’s move on Twitter early Friday morning and the Cyberwhistle, one of the items available to buy with Dogecoin, has sold out in a matter of hours.

In the early hours of Thursday, the rally seen in major coins was short-lived, but DOGE continued to show strength.

Melanie Schaffer of Benzinga noted during the trading session on Thursday that DOGE may see a bullish reversal in 2022 and if the coin can move above the 50-day SMA over the next few days, the trend may continue in the long term.

Next, we recommend you read: Why is Cardano going up today?

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