Dogecoin was up more than 13% earlier in the day, reaching a daily high of USD 0.1406, before pulling back slightly towards its current price of USD 0.1353, although it was still in the green.
Most meme coins, including Dogecoin and Shiba Inu, have been on the red side in recent months, but that seems to have changed with the current general crypto market correction.
In this article, we will take a close look at why Dogecoin (DOGE) is rising.
Factors currently driving up the price of DOGE
There are a number of factors contributing to the current rise in DOGE prices.
The main factors are the recent announcement by Bitcoin of America, donations to Ukraine and adoption of DOGE in the entertainment industry.
Let’s take a closer look at some of these factors.
Announcing Bitcoin of America
One of the reasons for the current price increase of Dogecoin is the recent announcement by Bitcoin of America, a cryptocurrency exchange registered as a money service with the US Treasury Department. Bitcoin of America said they will support Dogecoin.
Noting the growing popularity of the Dogecoin community, Bitcoin of America said in a press release that DOGE can be used in its Bitcoin ATM machine (BTMs), which currently number more than 1,800 in various locations of the 31 states in the United States. country.
Dogecoin accepted in donations in Ukraine
Another factor positively influencing the price of Dogecoin is an earlier report from Ukraine stating that it will accept DOGE donations to support its war against Russia.
The move by the Ukrainian government once again put Dogecoin in the spotlight, once again tossing it as a globally recognized meme coin.
Adoption of Dogecoin in the Entertainment Industry
AMC Theater, one of the top movie chains in the US, allowed Dogecoin to be used as a means of payment for its tickets earlier this month.