Dogecoin DOGE/USD traded 2.27% higher at $0.25 over 24 hours early Tuesday morning.
What’s Moving? The meme cryptocurrency has gained 9.7% over a seven-day trailing period. DOGE rose 3.27% and 5.01% against Bitcoin and Ethereum respectively over 24 hours.
Since the year began, DOGE has run up 4246.3%, while in the last 90 days it has gained 36.82%.
The Shiba Inu-themed coin has fallen 66.5% since it touched its all-time high of $0.74 in early May.
See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? At press time, DOGE bucked the trend of major coins like Bitcoin slipping into the red and the global cryptocurrency market cap falling 0.74% to $2.49 trillion.
The Twitter activity of Tesla Inc TSLA CEO Elon Musk had sent DOGE higher on Monday after he reacted to tweets from Matt Wallace, a DOGE-oriented YouTuber, and Billy Markus, the co-creator of the meme cryptocurrency.
On the other hand, Twitter users did not show high interest in DOGE at press time as it was mentioned in just 1,135 tweets, as per Cointrendz data.
The highest interest was noted in Bitcoin and Shiba Inu which were mentioned in 8,025 and 4,178 tweets, respectively.
Even so, DOGE soared on Monday but touched resistance at the $0.27 mark and began consolidating. As per Benzinga’s Melanie Schaffer, the cryptocurrency is trading in a “confirmed uptrend” but will need to hold above the last low falling level of $0.225.
On the Bitcoin side, the overheated futures market is causing some worries as open interest in the coin hits an all-time high, which could increase volatility in the largest cryptocurrency.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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