Dogecoin rose as much as 80% after Tesla and SpaceX CEO Elon Musk posted a brief message with the word “Doge” on Twitter. Shortly after the price movement, Musk tweeted, “ur welcome,” and added another post referring to Doge as the “people’s crypto.”

  • Musk has been positive about the crypto industry lately and updated his Twitter profile to include only “Bitcoin” as his bio, which also boosted the asset’s price last Friday.
  • The Tesla CEO reaffirmed his new-found support for Bitcoin, saying it is a “good thing” and regretted not purchasing any eight years ago.
  • Musk is known for his compelling, sometimes comical social media engagement posts, especially on Twitter.

Dogecoin is currently gaining. DOGEUSD is up 28.18%.