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Why Dogecoin Is Rallying Today

TheMotleyFool

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Popular meme cryptocurrency Dogecoin was up 9.56% to $0.3346 per token as of 10:30 a.m. EDT today. On Aug 14., billionaire Dallas Mavericks owner Mark Cuban called Dogecoin the strongest cryptocurrency as a medium of exchange.

He said that his NBA team has generated substantial merchandise revenue with the digital coin after accepting it as payment back in March. The next day, Tesla CEO Elon Musk backed Cuban's statements about Dogecoin being a solid medium of exchange.

The Dogecoin mascot. Image source: Getty Images.

Source Fool.com

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