Why Dogecoin Popped and Then Dropped Today

Dogecoin (CRYPTO: DOGE) rallied this morning on news that Tesla CEO Elon Musk was taking a 9.2% stake in Twitter. The news was only tangentially related to Dogecoin as Musk has been a big backer of the meme coin on Twitter.

After a pop this morning, which took Dogecoin up 6% in less than an hour, the cryptocurrency faded as there was no tweet or any comment from Musk on Dogecoin, as some might have expected.

As of 1:57 p.m. ET, Dogecoin was down 1.6%, while Twitter had skyrocketed 29.5%.

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Source Fool.com