Why Dogecoin Is Seeing A Sharp Spike Right Now

Dogecoin DOGE/USD is seeing a sharp spike early Thursday, according to data from Benzinga Pro.

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The meme cryptocurrency traded 4% higher at $0.1437 at the time of writing. The surge came as Tesla Inc. TSLA CEO Elon Musk proposed buying all shares in Twitter Inc. TWTR he already doesn't own and said the company needed to be taken private to ensure necessary changes are made.

Musk is a major proponent of Dogecoin and recently featured the meme coin at the Tesla Cyber Rodeo event at the Giga Texas site.

Dogecoin has often spiked on news related to Musk but few of these have sustained beyond minutes.