Dogecoin Sees Sharp Spike As Elon Musk Says 'Release The Doge'

Dogecoin DOGE/USD is seeing a sharp spike early Thursday as Tesla Inc. 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)

Image: Sharp Spike Seen In Dogecoin Thursday morning after Elon Musk’s tweet, Courtesy of CoinMarketCap.

Why It Matters: Musk had earlier in the day said "dogz rūl" 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 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 BTC/USD 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