Why Is Dogecoin (DOGE) Up 5% Today?


  • Dogecoin (DOGE-USD) is rising higher as Elon Musk posts memes.
  • That includes images of his pet dog, Floki, as the new CEO of Twitter.
  • This has DOGE seeing an increase in trading volume on Wednesday.
DOGE-USD, Dogecoin Cryptocurrency

Source: Orpheus FX / Shutterstock.com

Dogecoin (DOGE-USD) is gaining on Wednesday and it’s thanks to Elon Musk posting more memes connected to the cryptocurrency.

Elon Musk’s latest set of tweets has him sharing images of a Shiba Inu, the same dog breed that serves as the mascot of Dogecoin, as CEO of Twitter. It’s no surprise this has DOGE rising, as the crypto often gets a boost from Musk tweeting Shiba Inu memes.

What’s interesting to note is some of the finer details included in the images. That includes two of the images showing the name of this Shiba Inu, which is Floki. That’s worth mentioning, as there’s another Shiba Inu-themed crypto, Floki (FLOKI-USD), that goes by that same name.

Of course, fans of Musk won’t be surprised this Shiba Inu is named Floki. That’s because the dog in the pictures is actually Elon Musk’s real pet Shiba Inu named Floki.

How This Affects Dogecoin Today

With these latest memes comes an increased interest in Dogecoin. That resulted in DOGE seeing a 93.3% increase in trading volume of the prior 24-hour period. This also has the crypto gaining 5.1% as of Wednesday morning over that same period of time.

FLOKI is also getting a boost from the memes today with a 59.4% rally over the last 24 hours. That comes with a 623% increase in trading volume during that same stretch of time.

Investors seeking out more of the latest market news will want to keep reading!

InvestorPlace is home to all of the hottest market news investors need to know about on Wednesday! Among that is what has shares of Barrick Gold (NYSE:GOLD), T2 Biosystems (NASDAQ:TTOO) and Credo Technology (NASDAQ:CRDO) stock on the move. You can read up on all that news at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-is-dogecoin-doge-up-5-today/.

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