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Why Is Dogecoin Shooting Up Today?

Benzinga
Benzinga
 2021-07-22
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Dogecoin (CRYPTO: DOGE) shot up as much as 21% to touch $0.21 in intraday trade leading up to press time.

What’s Moving? Over 24 hours, DOGE traded 14.41% higher at $0.19 at press time. Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 5.17% and 1.32% higher respectively. On a seven-day trailing basis, DOGE traded 1.87% lower.

DOGE has shot up 3,310.87% so far since the year began.

Why Is It Moving? DOGE moved higher with other major cryptocurrencies like BTC and ETH after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk revealed at The B Word Conference that he held DOGE, ETH, and BTC in a private capacity.

Musk spoke positively about DOGE at the conference and complemented the community surrounding the cryptocurrency for its being “irreverent” and for not taking itself too seriously.

In response to Musk, Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ) CEO Jack Dorsey said he was drawn to BTC due to “irreverence.”

As per Benzinga’s Melanie Schaffer, the 16-cent mark has emerged as a “solid support level” for DOGE which it has tested several times and bounced back above it.

On Friday, Dogecoin co-creator Billy Markus is set to join Benzinga’s “Moon or Bust” show, where he will discuss the Shiba Inu-themed cryptocurrency.

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