Why the Price of Dogecoin Is Rising Today

The price of the meme-inspired cryptocurrency Dogecoin (CRYPTO: DOGE) traded more than 9% higher over the last 24 hours as of 11:04 a.m. ET on Tuesday, after news came out showing that Tesla founder and Dogecoin bull Elon Musk has taken a big stake in Twitter.

Yesterday, filings from the Securities and Exchange Commission (SEC) disclosed that Musk had taken a 9.2% stake in Twitter. Today, filings showed that Musk would join Twitter's board of directors.

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Source Fool.com