Why is Dogecoin up today?

Dogecoin's 3.8% gain over 24 hours is best read as a bounce after a brutal week. DOGE led large-cap losses on Sept. 23, falling 8.3% as the total crypto market value slipped 2.27% to $2.96 trillion and bitcoin broke below the $86,000 ETF cost basis, then dropped another 8% on Sept. 24 as U.S. Treasury yields hit their highest level since 2007. The 30-year yield touched 5.44%, its highest since 2004, after a rebound in oil, the strongest U.S. business survey in five years and a poorly received five-year note sale.

That washout left DOGE at what analysts flagged as a deep discount, with sharply negative MVRV readings drawing long-term holders back in — the setup behind today's rebound, alongside renewed attention as Elon Musk reappeared on the crypto timeline.

The broader tape is mixed rather than supportive: bitcoin is flat over 24 hours at $84,425, and sentiment is still digesting the roughly $350 million drain from wallets labeled as Bitget's. DOGE's 17.3% seven-day gain outpaces bitcoin's 10.3%.