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Why Dogecoin Jumped 13% Today

TheMotleyFool

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Cryptocurrency Dogecoin (CRYPTO: DOGE) is up 12.6% in the last 24 hours, according to Coinbase, after Elon Musk tweeted a picture of a Shiba Inu puppy. Yes, that's the news that's driving this meme cryptocurrency higher.

Elon Musk is arguably the most influential person in the Dogecoin ecosystem, and small comments or tweets can impact the price of Dogecoin and its spinoff Shiba Inu with no other news. Meme investors, who have flooded the crypto market, seem to read Musk's tweets to look for some meaning about the future of a cryptocurrency whose mascot is simply a Shiba Inu.

Image source: Getty Images.

Source Fool.com

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