Why is Dogecoin moving up today despite the broader slump in the crypto market? – Dogecoin – US dollars ($ DOGE)
Dogecoin (CRYPTO: DOGE) was trading 3.71% higher for 24 hours at $ 0.255 early Friday.
What is moving? The Shiba Inu-themed cryptocurrency is up 1.6% in the past seven days.
Against Bitcoin (CRYPTO: BTC) and ether (CRYPTO: ETH), DOGE rose 4.36% and 6%, respectively, over 24 hours.
Since the beginning of the year, DOGE has increased 4,357.95% – and reached an all-time high of USD 0.74 in early May.
See also: How to Buy Dogecoin (DOGE)
Why is it moving? DOGE was in the black even though important coins like BTC and ETH were in the red for over 24 hours. Global cryptocurrency market cap declined 1.66% to $ 2.16 trillion at press time.
DOGE didn’t see much interest on Twitter at the time of publication and was featured in 1,528 tweets according to Cointrendz data. For comparison, Solana (CRYPTO: SOL) was mentioned in 9,996 tweets.
As per, Martha Reyes-Hulme, the research director of BeQuant – a trading platform for cryptocurrencies, “It’s definitely altcoin season,” reported CoinDesk.
See also: Bitcoin advocate and President of El Salvador Nayib Bukele is on Ethereum’s list of 100 most influential people of the time alongside Vitalik Buterin – but not for the right reasons
Lukas Enzersdorfer-Konrad, Chief Product Officer at bitpanda noted that BTC’s market dominance has fallen to 40% as “most altcoins recovered faster” after the recent crash after “Bitcoin Day”.
Late Thursday night, DOGE again tested a key support level at $ 0.234 but rose again above the downward trend line.
According to Benzinga’s Melanie Schaffer, there is “a slight hidden bearish divergence on Dogecoin chart”.
Schaffer noted that while the price of DOGE fell, the relative strength index rose slightly. “This suggests that a bearish trend could continue before bulls change the trend.”
In the meantime, the self-proclaimed DOGE killer Shiba Inu (CRYPTO: SHIB) has made it Coinbase Global Inc (NASDAQ: COIN) on both the iOS and Android apps, having recently been listed on Coinbase Pro.
Read on: This cryptocurrency has better 4 year returns than Dogecoin, Bitcoin, Ethereum