Why is Dogecoin going up? The price of this meme stock rose up 20 percent in just 24 hours

Over the past couple of days, the popular cryptocurrency Dogecoin saw a rise in its prices on the crypto markets. The meme cryptocurrency rose up to 20 per cent in value yesterday. The reason for the rise in prices for this Dogecoin is baffling. Read on to know why is Dogecoin going up. 

Why is Dogecoin Going Up?

Over the past couple of week, the cryptocurrency market has been very bullish, and a lot of major cryptocurrencies are seeing an upward trend in prices. Over the past couple of days, XLR and XML both have also seen a significant rise in prices up to 20 per cent. Dogecoin also rose to one of its highest prices yesterday, at a price of 0.088 dollars. The prices of Dogecoin usually follow the trend of Bitcoin and Tesla as Elon Musk is a supporter of Dogecoin. 

Whenever the prices of Bitcoin rise, the Dogecoin price also goes up. Bitcoin was trading at around 60,000 dollars yesterday, just a few hundred dollars short of its record price of 61,000 dollars. As a result, the whole crypto market was bullish, meaning people were buying up crypto stocks which led to rising prices of many cryptocurrencies. Elon Musk also tweeted about Dogecoin insinuating the prices of Doge are soon going to the Moon.

'To the Moon' is a term that was popularised by Wall Street Bets and is used by people to say the crypto/share's prices are going to rise up dramatically. Fueled by Elon Musk's tweet, a lot of people bought large quantities of Dogecoin (DOGE), which drove up the prices from a 24 hour low of 0.062 dollars to 0.078, a 20 per cent rise in the price. At the time of writing this article, the price of DOGE stands at 0.7 dollars. 

About Dogecoin

Dogecoin is a cryptocurrency that was originally formed in 2018. Doge was built to be a friendly introduction to the concept of cryptocurrency and had a 'fun and friendly' brand image behind it. The face of DOGE was the dog Shiba Inu, who became popular as the DOGE meme. It literally became a 'meme cryptocurrency'. Nobody in the early years believed DOGE would become as valuable as it is today. However, Dogecoin grew in popularity because of the community surrounding it was massive and they basically made DOGE look like the money of the future. Popular celebrities like Elon Musk also supported and joked around about Dogecoin. Today, Dogecoin has become one of the most popular cryptocurrencies. 

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