Why did Dogecoin’s price soar today?

Early on Friday morning Dogecoin (CRYPTO: DOGE) was up 15.4% daily to $ 0.19.

The movements

Over the past seven days, the cryptocurrency co-created by Billy Markus it had a yield of 29.35%.

In the last 24 hours DOGE gained 9.8% compared to Bitcoin (CRYPTO: BTC) and 24% on Ethereum (CRYPTO: ETH).

In the last 30 days DOGE lost 3.3%, while in the last 90 days the decline was 26.5%.

DOGE’s return since the beginning of the year is 1.6%; in May 2021 the coin had reached an all-time high of 0.74 dollars.

Why is it moving?

At the time of publication, DOGE was moving higher countering the trend of the major coins on the market, with the global market capitalization of cryptocurrencies down 1.55% to $ 2 trillion.

According to Cointrendz, Dogecoin was the second most mentioned coin on Twitter: at the time of publication, DOGE had in fact obtained 4,846 tweets; the most cited coin was Bitcoin, which got 11,008 tweets.

The cryptocurrency meme also attracted a lot of interest from retail traders, as DOGE was the trending name on Stocktwits.

Also, at the time of publication, DOGE was trending on the CoinMarketCap and Coingecko price monitoring websites.

Thursday night the website of Tesla Inc (NASDAQ: TSLA) started showing prices for several items in DOGE; the site also seems to have enabled payments in DOGE for some selected items.

Tesla’s move came a month after its CEO Elon Musk he said the company “will make merchandising with Doge affordable and we’ll see how it goes.”

In the early hours of Friday, Musk confirmed the automaker’s decision on Twitter; the Cyberwhistle, one of the items that can be purchased in Dogecoin, sold out in a few hours.

The observed rebound on major cryptocurrencies in the early hours of Thursday was short-lived, but DOGE continued to show strength.

On Thursday, Benzinga’s Melanie Schaffer noted that DOGE could be poised for a bullish reversal in 2022 and that if the coin is able to break out of the 50-day simple moving average in the next few days, the trend could continue over the longer term.

Read also: Why is Cardano cryptocurrency up today?

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