Dogecoin (DOGE) surges by 50% after Elon Musk tweets that it is the “people's crypto”

Yohay Elam FXStreet

Dogecoin has surged by over 50%, with DOGEUSD hitting a high of $0.599 after Tesla's CEO Elon Musk tweeted that "Dogecoin is the people's crypto." The billionaire founder of Tesla and SpaceX also added an image of himself lifting Doge's Sheba dog toward the skies.

Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021

More DOGE is on the verge of a colossal explosion if any of these two levels break

Here are the latest moves on DOGE/USD:

Thursday's tweets are not the first time that Musk discusses Dogecoin, either on Twitter or on stage. The outspoken entrepreneur also talked about Bitcoin and Ripple's XRP in the recent past, triggering price action.

Support awaits at 0.030 and 0.021. The next upside target is the recent all-time high of 0.088.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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