Why Dogecoin Is Soaring Today
As of 10:30 a.m. EDT, Dogecoin (CRYPTO: DOGE) is up 11.37% in the past 24 hours to $0.278 per token. The coin is surging as part of a broad cryptocurrency rally that saw returning capital after nearly a quarter of consistent sell-offs.
A combination of fear, uncertainty, and doubt (FUD) brought down the crypto market by nearly 51% from May to late July. These include Elon Musk rescinding acceptance of Bitcoin as payment for Tesla cars, concerns about the environmental sustainability of crypto mining, tougher regulations from the IRS, and China banning crypto investors from doing business with financial institutions. However, one thing has been flying under the radar the whole time-- the increasing widespread adoption of cryptocurrencies.
Image source: Getty Images.
Source Fool.com
