Dogecoin (CRYPTO: DOGE) is seeing a sharp spike early Thursday as Tesla Inc. (NASDAQ:TSLA) Elon Musk sent out a tweet related to the meme cryptocurrency.
What Happened: “Release the Doge!,” Musk said, posting a Godfather meme that read “You come to me at runtime to tell me the code you are executing does not complete.”
Release the Doge! pic.twitter.com/9bXCWQLIhu
— Elon Musk (@elonmusk) July 1, 2021
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: Musk had earlier in the day said “dogz rÅ«l” in response to a meme tweet but no such price action change was observed in Dogecoin at the time.
Musk also expressed his support for a Dogecoin developer proposal that aims to reduce transaction fees associated with transactions in the meme cryptocurrency, earlier this week.
Price Action: Dogecoin traded 1.84% higher at $0.255 at press time on Thursday. Apex cryptocurrency Bitcoin (CRYPTO: BTC) traded 3.2% lower at $33,522.73.
Read Next: EXCLUSIVE: Dogecoin Co-Creator On Development Efforts Says ‘No Knock On Elon,’ Others But Actions Speak Louder Than Words
