Dogecoin extends its one-month surge to 100% after Elon Musk agrees with Mark Cuban's bullish take on the crypto

• 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.

$4 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 $4 and Tesla CEO Elon Musk. $4 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 $4 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 $4 : "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 $4.

As 9:55 a.m. 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.

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