What's Up With Dogecoin Today?

Dogecoin (DOGE-X) has been brought back into the limelight recently by a millionaire, a senator, and a YouTuber, but it is nevertheless mostly trading muted.

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What's Moving? The Shiba Inu-themed cryptocurrency traded 2.05% lower at $0.24 at press time early Wednesday over 24 hours and 5.46% lower over seven days.

Dogecoin traded 1.98% and 4.36% lower against Bitcoin (BITCOMP) and Ethereum (ETH-X), respectively.

Why Is It Moving? On Tuesday, Dogecoin was the third most mentioned cryptocurrency on Twitter attracting 2,683 tweets. BTC and ETH with 5,956 and 3,135 tweets were ahead of the meme cryptocurrency, as per data from CoinTrendz.

Glauber Contessoto, a well-known Dogecoin investor who goes by the handle “SlumDOGE Millionaire” on Twitter said Tuesday he would double down on his investment in the cryptocurrency and will purchase $25,000 worth of Dogecoin “soon.”

On the same day, a filing from Congresstrading.com revealed that Rep. Barry Moore (R-AL) purchased Dogecoin, Cardano (ADA-X), and Ethereum. Moore had purchased Dogecoin previously on two separate occasions.

Aaron Arnold, the content creator behind the Altcoin Daily YouTube channel, also touched upon Dogecoin and noted the excitement surrounding the “Million Dogecoin Disco” party by sharing a news article and a video.

On Tesla Inc (TSLA) CEO Elon Musk’s recent “Baby Doge” tweet and subsequent price movement, he said, “this only happens in bull markets, if Elon Musk was going to tweet about DOGE in a bear market, I bet you a lot of that it’s not going to spike the price.”

Arnold disclosed that he did not hold any Dogecoin. The YouTuber said, “anybody who's holding Dogecoin I think is going to have a bad time.”

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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