Dogecoin jumped by over 13% earlier today to hit a daily high of $0.1406 before slightly pulling back to its current price of $0.1353 though still in the green.
The majority of meme coins including Dogecoin and Shiba Inu have been on the red end over the past couple of months but that seems to have changed with the current general crypto market correction.
In this article, we shall take a keen look at why Dogecoin (DOGE) rising.
Factors currently pushing the price of DOGE up
There are a number of factors contributing to the current rise of DOGE prices.
The main factors include the recent announcement by Bitcoin of America, Ukraine donations, and acceptance of DOGE in the entertainment industry.
Let's detail some of these factors.
Bitcoin of America announcement
One of the reasons for the current Dogecoin price hike is the recent announcement by Bitcoin of America, a cryptocurrency exchange registered as a money service in the United States Department Treasury. Bitcoin of America said that they will be supporting Dogecoin.
After noting the growing popularity of the Dogecoin community, Bitcoin of America said in a press release that they will allow DOGE to be used in its Bitcoin ATM Machine (BTMs) which are currently over 1800 in different locations of the 31 states in the country.
Dogecoin accepted in Ukraine donations
Another factor that is positively affecting the price of Dogecoin is an earlier report by Ukraine stating that it will be accepting DOGE donations to support its war against Russia.
The move by the Ukraine government threw Dogecoin into the limelight once again pitching it as a worldwide recognized meme coin.
Dogecoin acceptance in the entertainment industry
AMC Theatre, one of the best movie chains in the US, earlier this month allowed Dogecoin to be used as a mode of payment for its tickets.