Why did dogecoin's price go up today? Elon Musk, market rally

Dogecoin ( DOGE-USD ) drove up 9.3% to $0.10 in Tuesday late afternoon trading, the highest level seen since December 2022, just a day after Elon Musk, a longtime supporter of the meme coin, reportedly called for an eventual integration of cryptocurrency capabilities into Twitter's payments system . The upswing extended doge's ( DOGE-USD ) year-to-date rally to +33%, coinciding with a broader risk-on mood across riskier asset classes. Perhaps Tuesday's bullish price action in bitcoin ( BTC-USD ) and other major tokens helped give doge ( DOGE-USD ) a boost. Traders are bracing for the Federal Reserve's first interest-rate decision of 2023 due Wednesday. Take a look at the latest outlook for crypto .