Dogecoin (DOGE) surged more than 50% on Thursday morning to trade around $0.059 per coin.
The news was apparently welcomed by Elon Musk, who made several tweets about the cryptocurrency, despite a pledge two days ago to stay off Twitter for "a while."
In one, Musk shared a "Lion King"-inspired Meme featuring a photoshopped image of himself raising the iconic DOGE Shiba Inu symbol to the sky.
He continued with a string of tweets describing the cryptocurrency as the “people’s crypto” adding, “No highs, no lows, only Doge.”
Such erratic price action is fairly standard for the cryptocurrency. On Jan. 29 DOGE surged more than 800% to about $0.082 per coin, apparently triggered by attention from the Reddit trading groups like WallStreetBets along with a TikTok post about the "dogecoin army" by niche celebrity Carole Baskin from Netflix's "Tiger King."
In early January, adult actress Angela White also caused DOGE to double in value after she said she was a holder of the cryptocurrency.
DOGE, which was started as a joke in 2013, is now the 12th most valuable cryptocurrency by market value, according to CoinMarketCap.
Musk recently said it would be the most "entertaining and ironic outcome" if dogecoin "becomes the currency of Earth in the future."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.