Why is Dogecoin soaring today?

Dogecoin (CRYPTO: DOGE) was trading 15.4% higher at $ 0.23 at press time, amid a spike in major coins as global crypto market cap rose 12.14% to 1 in the wee hours of Monday morning. Soared $ 53 trillion.

What happened: Against large cryptocurrencies like Bitcoin (CRYPTO: BTC) and ether (CRYPTO: ETH), DOGE was trading 0.59% and 4.3% higher over 24 hours.

See also: How to Buy Dogecoin (DOGE)

The Shiba Inu-themed coin shot up 26.33% over a seven-day period. DOGE has increased by 3,836.20% since the beginning of the year.

Why it matters: On Sunday, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk went to twitter and posted a meme that Dogecoin called “money”.

And finally pic.twitter.com/TcgwMSyjAy

– Elon Musk (@elonmusk) July 25, 2021

According to data from Cointrendz, DOGE was one of the top trending cryptocurrencies on Twitter behind Bitcoin on Sunday.

See also: Bitcoin, Dogecoin, NFT’s Big Deal in Tokyo 2020: How Crypto-Olympians Can Feel At Home

The meme coin has been on the upswing since last week’s B-Word conference when Musk revealed that he privately owns the cryptocurrency.

On Sunday, Dogecoin co-creator Billy Markus advised investors to take profits so as not to go crazy when the price of the cryptocurrency drops, but at the same time said that they should have enough for a moon shot.
Markus appeared on Benzinga’s podcast show “Moon or Bust” on Friday. Hear the entire interview here.

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