Why Is Dogecoin Up Today?

Photo: Courtesy of CryptoWallet.com Images on Flickr

Dogecoin (DOGE-X) saw a sudden price increase and uptake in volume on Sunday, leaving many wondering what is the cause of this newfound market optimism.

What Happened

CoinMarketCap crypto market data shows that Dogecoin skyrocketed by 6.4% from $0.1453 up to $0.1546 in just a few hours as its volume increased from about $400 million per 24 hours to nearly $620 million, before settling at around $0.1538 as of time of publication.

Most notably, Dogecoin — like any other cryptocurrency — usually travels on the tracks set by the world's top cryptocurrency Bitcoin (BITCOMP), but this time it actually swam upstream with most of the crypto market (including Bitcoin) falling.

Market forces often result in some coins or tokens seeing their prices move in the opposite direction to most of the crypto market. When this happens and the exceptions are greenlit, this frequently results in even more capital and trading volume being redirected to what is now one of the few assets that are seeing gains in the market.

The news follows Dogecoin co-founder Billy Marcus starting to sell a collection of doge-themed non-fungible tokens (NFTs) on the world's top NFT market, OpenSea.

What makes it even more notable is that doge-related NFTs have previously appreciated significantly, with one portraying the original 2013 doge meme, featuring the Shiba Inu dog that started it all, reaching a value of $336 million in September 2021.