Dogecoin Sees Sharp 11% Rise Following Elon Musk's Twitter Post

Dogecoin DOGE/USD was seeing a sharp 11% rise early Tuesday, trading above the 14-cent mark, according to data from Benzinga Pro.

Dogecoin Single-Day Chart. Photo: Courtesy of Benzinga Pro.

The rise followed a tweet from Elon Musk, where the CEO of Tesla Inc. TSLA shared a photo of a Shiba Inu dog wearing a Twitter-branded t-shirt.

Musk has been frequently engaging with the Dogecoin community, in particular co-founder Billy Markus, as he takes charge at Twitter. Late Monday, the world's richest person formally disclosed taking over as the social media company's CEO.

Dogecoin has been seeing momentum this week, with some analysts predicting significant momentum ahead, which could see it cross the 50-cent mark. According to one analyst, the rally in the meme coin could spark a wider altcoin season.

See Also: How To Buy Dogecoin (DOGE)