Dogecoin (DOGE) traded at around 13 cents at press time on Wednesday night after a day of frothy price movements.
What happened: The joke cryptocurrency traded 26.52% higher at $ 0.128 over a 24 hour period. DOGE has risen 117.87% so far this week.
The Shiba Inu-themed coin fell below the $ 0.1425 high it touched on Wednesday.
Ethereum (ETH) continues to gain momentum and reached a new high of $ 2,453.33 on Wednesday. ETH traded 5.46% higher at $ 2,424.92 at the time of going to press.
It is noteworthy that the Ethereum blockchain is undergoing an upgrade that will address high transaction costs in the network.
Bitcoin (BTC), the market capitalization apex cryptocurrency, traded muted following the public of Coinbase Global Inc. (NASDAQ: COIN), after hitting $ 64,863.10, a level never seen before. BTC traded 0.74% lower at $ 62,855.12.
Why it matters: Support on social media has stimulated Dogecoin as the currency became a leading trend on Twitter and Stocktwits on Wednesday.
See also: Why is Dogecoin now Succhhhh a good boy?
Celebrities who referred to DOGE on social media on Wednesday included Mavericks owner Mark Cuban, musician Ben Yang and restaurateur Guy Fieri.
Tesla Ing (NASDAQ: TSLA) CEO Elon Musk, who regularly tweets about DOGE, also joined the social media campaign by tweeting a meme referring to the rise in cryptocurrency.
– Elon Musk (@elonmusk) 14 April 2021
However, it seems that Musk’s tweets this time do not have a noticeable effect on the price of DOGE. In previous cases, a single tweet from Musk DOGE shot up 20.5%.
See also: Does the influence of Elon Musk detract from the Dogecoin price?
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