Why Is Dogecoin Soaring Today?

Dogecoin DOGE/USD is trading nearly 9% higher in the early hours of Wednesday.

What’s Moving? DOGE traded 8.91% higher at $0.18 at press time. The Shiba Inu-themed cryptocurrency is down 6.23% for the week.

See Also: How To Buy Dogecoin (DOGE)

Against larger cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 5.53% and 2.55% higher, respectively. 

DOGE’s year-to-date gains amounted to 3,060.05% as of press time.

Why Is It Moving? DOGE rallied in conjunction with major cryptocurrencies at press time as the global cryptocurrency market capitalization rose 4.64% to $1.25 trillion at press time.

See Also: Bitcoin, Ethereum, Dogecoin Find Stability After Crash As Some Altcoins Manage To Stay In Green

DOGE co-creator Billy Markus dished out advice to cryptocurrency investors on Tuesday and pointed out the pointlessness of arguments on future prices.

In a separate tweet on Tuesday, Markus noted the appreciation of certain stocks and cryptocurrencies over the last five years. He made his point using the example of a $1,000 hypothetical investment made half a decade earlier.

Meanwhile, while DOGE has taken a beating in recent days, cryptocurrencies inspired by the meme coin have taken a harder beating, but analysts are divided if they have lost their sheen.

See Also: If You Invested $1,000 In Baby Doge Coin A Month Ago, Here's How Much You Would Have Now