Dogecoin (CRYPTO: DOGE) traded 6.16% higher at $0.15 over 24 hours, leading up to early Wednesday morning.
What’s Moving? DOGE has fallen 9.8% over a seven-day trailing period.
Against larger peers Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE rose 4.2% and 1.45% over a 24-hour window.
Over the last 30 days, DOGE has fallen 7.55%, while its value has shrunk 35.8% over a 90-day period.
Since 2022 began, DOGE has declined 11.6%. It touched an all-time high of $0.74 in May.
Why Is It Moving? DOGE moved higher alongside other major coins at press time as the global cryptocurrency market cap rose 2.5% to $2 trillion.
DOGE was included in the “Top 10 Mentions on Twitter list compiled by Cointrendz. It attracted 2,194 tweets at press time.
The three most mentioned coins on the list were Bitcoin, Ethereum, and Elrond. They attracted 10,856, 4,523, 2,813 tweets, respectively.
The hashtag “DogecoinToTheMoon” also trended on the social media platform.
It's trending #DogecoinToTheMoon pic.twitter.com/iWaQ46pYb9— Dogecoin To Infinity and Beyond! (@DogenewsCA) January 11, 2022
On Tuesday, DOGE spiked as unconfirmed reports on Twitter (NYSE:TWTR) emerged that Tesla Inc (NASDAQ:TSLA) was setting up to accept the meme cryptocurrency.
Earlier last month, Tesla CEO Elon Musk had said that the company “will make some merch buyable with Doge & see how it goes.” No timeline was given by Musk on when such payments would be possible or if people can buy cars with DOGE.
Doge-oriented Twitter handle “Mishaboar” retweeted a screenshot of one such instance where a DOGE reference is seemingly present on the Tesla website.
Yes, this is true - not just the Tesla Y payment page, since the javascript is used in all the order pages in the Tesla car shop. "#Dogecoin" is listed there, among the available payment options.Somebody at Tesla is testing stuff again, it seems. Or sending us a message. https://t.co/ihtxDH1GLH
— Mishaboar (@mishaboar) January 11, 2022
“Somebody at Tesla is testing stuff again, it seems. Or sending us a message,” Mishaboar wrote.
On Tuesday, U.S. Federal Reserve Chair Jerome Powell said at his confirmation hearing that the era of low interest rates was likely to stay.
OANDA Senior Market Analyst Edward Moya pointed out that the “path to inflation” may drive “quicker rate hikes” which could be “bearish short-term for risk assets such as cryptos.”