Dogecoin (DOGE) price has increased by almost 5% in the last 24 hours at the time of writing, reflecting movements in the cryptocurrency market.

Despite the fact that the DOGE price is down 2.4% on August 30, it is still up 5% from yesterday's lows, while the total crypto market capitalization is up 4.5%.

The price of Dogecoin began to rise after the Securities and Exchange Commission's (SEC) campaign on the crypto sector suffered a severe setback.

A federal court found on August 29 that the SEC unjustly prevented Grayscale Investments, a crypto investing platform, from converting its Bitcoin (BTC) trust into an exchange-traded fund (ETF). Grayscale's victory sparked optimism that a Bitcoin ETF in the United States may become a reality.

BTC price rose roughly 8% on the day of the verdict, raising other crypto assets with it, especially since Bitcoin and Dogecoin have a 0.96 correlation.

Sources:

https://cointelegraph.com/news/why-is-dogecoin-price-up-today

https://coinmarketcap.com/currencies/dogecoin/