- The price of Dogecoin (DOGE) increased by over 18% today. This is why it happened.
The price of Dogecoin (DOGE) increased by over 18% today as it went from $0.267964 as of 12 AM ET to $0.316822 as of 8:05 AM ET. Investors appear to be responding positively to a couple of catalysts.
1.) Tesla CEO Elon Musk endorsed the cryptocurrency again recently. On May 8, Musk will be hosting Saturday Night Live and he promoted Dogecoin in the following tweet:
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
2.) Another reason why Dogecoin may have seen an uptick today is due to a report by Coindesk highlighting that the daily revenue of the miners of the cryptocurrency increased to a record high of $3.6 million as of April 26. This is a 4,575% increase from $77,000 as of January 1. This data was based on numbers crunch based by ByteTree.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.