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Why Dogecoin Is Soaring Today

TheMotleyFool

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Dogecoin (CRYPTO: DOGE) is making big gains in today's trading. The popular, meme-themed cryptocurrency was up roughly 7.2% over the previous 24-hour period as of 12:15 p.m. ET Sunday.

Tesla CEO Elon Musk purchased a 9.2% stake in Twitter recently, making him the social media company's largest shareholder and resulting in him joining the company's board soon after. Yesterday, Musk made comments stating that he believed that users should be able to pay for the Twitter Blue premium subscription service with Dogecoin, and his comments have prompted big gains in the token's price.

Image source: Getty Images.

Source Fool.com

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