- Dogecoin spiked as much as 16% Monday to $0.351 after Elon Musk and Mark Cuban reiterated their bullish stances on the meme token over the weekend.
- The price move brings dogecoin’s one-month gain to roughly 100% as it outpaces larger coins like bitcoin and ether.
- Dogecoin’s continued climb also comes amid a broader cryptocurrency market rally.
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Dogecoin spiked as much as 16% to $0.351 Monday on after receiving praise from some of its most prominent celebrity fans over the weekend.
The meme cryptocurrency has now rallied roughly 100% in the last month, outpacing larger coins like bitcoin and ether.
Dogecoin’s spike can be partly attributed to recent chatter from billionaire investor Mark Cuban and Tesla CEO Elon Musk. Cuban announced last week that his NBA team-the Dallas Mavericks-would offer special prices for customers choosing to pay with dogecoin in its summer sale.
The entrepreneur then told CNBC dogecoin is a medium that can be used for the acquisition of goods and services, saying “the community for doge is the strongest when it comes to using it as a medium of exchange.”
On Saturday, in response to a CNBC article about Cuban’s claims, Elon Musk tweeted : “I’ve been saying this for a while.” The Tesla CEO has long supported dogecoin and the light-hearted, goofy community around it.
Dogecoin’s gain also comes amid a broader cryptocurrency market rally. On Sunday, the total value of all cryptocurrencies topped $2 trillion for the first time since May, according to Coinmarketcap.
As 9:55 am ET Monday, Dogecoin traded around $0.3219. It’s the first time in nearly two months that the meme token has traded above 30 cents.