Dogecoin peaks after another tweet by Elon Musk

Dogecoin peaks after another tweet by Elon Musk

Dogecoin is once again on a rise after a tough last week.

The cryptocurrency's popularity has been given another boost thanks to tech billionaire Elon Musk's social media habit.

The Dogecoin cryptocurrency has spiked more than 20 percent to over $0.31 after SpaceX and Tesla boss Elon Musk again appeared to promote the coin on his Twitter page.

“The Dogefather SNL May 8,” Musk tweeted, referring to his recently announced hosting spot on Saturday Night Live.

A lot of people expect the Dogecoin price to further boost after his appearance on the popular TV show. This isn't the first time Musk has tweeted about the crypto token. The billionaire in February published a one-word tweet that sent dogecoin up by 25 per cent in minutes. In March, he posted another tweet saying his space exploration company will put dogecoin on the "literal" moon, causing it to jump per cent.

The tweet pushed the cryptocurrency value back towards the record highs it enjoyed two weeks ago after recent declines.  

Dogecoin is once again on a rise after a tough last week.

Dogecoin experienced another surge last week, gaining roughly 20 percent in value as traders declared 20 April "Doge Day."

Shiba Inu dog meme-themed Dogecoin was launched in 2013 and quickly gained a massive online following. Now, many famous people are backing the digital coin including rapper Snoop Dog and KISS rock star Gene Simmons.

Musk has inspired many to invest in it as well. A 33-year-old Los Angeles resident recently shared his story through a YouTube video, claiming that he became a Dogecoin millionaire on April 15. Glauber Contessoto shared a YouTube video where he revealed that he had invested over $180,000 in Dogecoin when its price was about $0.045 cents in February.

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