Why Is Dogecoin Soaring Today?

Dogecoin (CRYPTO: DOGE) traded 15.4% higher at $0.23 at press time amid a rise in major coins as the global crypto market cap soared 12.14% to $1.53 trillion in the early hours of Monday. 

What Happened: Against major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 0.59% and 4.3% higher respectively over 24 hours.

See Also: How To Buy Dogecoin (DOGE)

The Shiba Inu-themed coin shot up 26.33% over a seven-day trailing period. DOGE has soared 3,836.20% since the year began.

Why It Matters: On Sunday, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk took to Twitter and posted a meme that dubbed Dogecoin “money.”

And finally pic.twitter.com/TcgwMSyjAy

— Elon Musk (@elonmusk) July 25, 2021

DOGE was among the top-trending cryptocurrencies on Twitter on Sunday, behind Bitcoin, according to data obtained from Cointrendz.

See Also: Bitcoin, Dogecoin, NFTs Big Deal At Tokyo 2020: How Crypto-Savvy Olympians Can Feel Right At Home

The meme coin has been on an upswing since The B Word Conference last week when Musk revealed that he owned the cryptocurrency in a private capacity. 

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

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