Here's Why Dogecoin Showed Signs of Life Today
It was one of the most heavily traded cryptocurrencies earlier this year, but Dogecoin (CRYPTO: DOGE) hasn't been a good investment lately, falling around 75% from its May high. However, the dog-themed coins showed some signs of life today, gaining 5.5% over the previous 24 hours as of 3 p.m. ET, according to CoinMarketCap. This modest jump is probably related to strong returns in the broader cryptocurrency market today. But there is another reason it's up as well.
Elon Musk is the CEO and founder of Tesla, although he prefers to call himself the "Technoking" of Tesla instead. And sometimes he even goes by another affectionate title: the Dogefather, so named because of his expressed love of Dogecoin. And at approximately 2 a.m. this morning, the Dogefather was on social media expressing his love of Dogecoin yet again.
Image source: Getty Images.
Source Fool.com
