Why Is Dogecoin Going Up Today

The price of Dogecoin (DOGE) spiked to a monthly high above $0.2 on Friday morning, reacting to news that the meme coin can now be used for payments in the Tesla store.

Tesla boss Elon Musk shared the news on Twitter, saying the company’s merchandise is “Tesla merch buyable with Dogecoin.”

Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022

As data from CoinGecko shows, DOGE was up 16% early Friday to soar to an intraday high of $0.200369 before retreating to $0.192 at press time.

Despite the drop, the price of Dogecoin is now at levels last seen on December 14, when Musk first hinted at the integration.

Against its largest peers, Bitcoin and Ethereum, DOGE was up 2.5% and 0.68%, respectively, in 24 hours.

The meme coin is up 10% in a seven-day period. Since the beginning of the year 2021, DOGE has skyrocketed 4681%.

DOGE moved along with other major coins, as the global cryptocurrency market capitalization rose 1.19% to $2.63 trillion.

DOGE was the fourth most trending coin on Twitter at press time, according to data from CoinTrendz, behind Bitcoin, Ethereum, and Shiba Inu.

DOGE was mentioned in 2,440 tweets, while Bitcoin, Ethereum, and Shiba Inu were mentioned in 10,930, 4,069, and 4,028 tweets, respectively.

DOGE was also trending on CoinMarketCap at press time.

The broader trend in cryptocurrencies is driven by Bitcoin: The top cryptocurrency is surging ahead of the release of the VanEck Bitcoin Futures ETF, which is set to begin trading on Tuesday, according to CoinDesk.

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My name is Gourav Singh, and some of my favorite hobbies include watching movies and television series, playing sports, and listening to music. For my blog posts, I prefer to write about themes that are lighthearted and fun to read and write about. To keep things light and entertaining, I'll include funny observations on life or a summary of the most recent entertainment news. Check out my blog if you're in the mood for some light entertainment.