Why Is Dogecoin Spiking All Of A Sudden?

Dogecoin DOGE/USD traded 6% higher at $0.14 over 24 hours leading up to Monday morning.

DOGE surged even as other major coins traded deep in the red with the global cryptocurrency market down 2.9% to $1.8 trillion.

See Also: How To Get Free Crypto

The Doge Factors 

• The spike in Dogecoin was observed following reports that said an agreement for the sale of Twitter Inc. TWTR to Tesla Inc. TSLA CEO Elon Musk could be reached today.
• DOGE was among the most mentioned coins on Twitter. The three most mentioned coins were Bitcoin, XRP, and Ethereum.
• The 24-hour trading volume for DOGE rose 393% to $1.68 billion at press time, according to data from CoinMarketCap.
• Data from Coinglass showed that $10.18 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme cryptocurrency saw volatility.

Apex Coin Must Hold This Level

Cryptocurrency trader Michaël van de Poppe said Sunday on Twitter that he was in favor “the market goes up next week.” However, he said it is crucial that Bitcoin holds the $38,000 to $39,000 region.

Doge Looks Awful

Another cryptocurrency trader Justin Bennett said that Dogecoin “looks awful.” Pointing to the memecoin’s chart on Sunday, he said that 0.11 is the first stop if DOGE fails to hold on to the 0.133 level on a daily closing basis.

No Need For Ethereum Bridge, Says Musk

On Sunday, Dogecoin co-creator Billy Markus laid out three steps to add utility to the cryptocurrency — wider adoption by the business community, making DOGE an option for tips, and bridging DOGE with Ethereum. Musk tweeted that the last step isn’t needed.

DOGE On The Web 

Markus said on Sunday that if Dogecoin was a man he would be the actor Idris Elba, best known for his work  in the TV series “The Wire and Luther.”

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