Dogecoin briefly touched a record high on Monday after billionaire Tesla (TSLA) - Get Report co-founder Elon Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons all sent tweets both highlighting and praising the cryptocurrency.
Dogecoin, an open-source cryptocurrency started in 2013 by Jackson Palmer and Billy Markus as a joke based on a popular meme featuring a Shiba Inu dog, climbed to a peak of about 8.2 cents on Monday, giving it a market capitalization of $10.5 billion, according to pricing data from CoinGecko.
The coin was ranked among the top 10 cryptocurrencies by market value, the figures showed. Dogecoin is based on Litecoin, and has the same technology behind its proof-of-work.
Dogecoin got a boost after several high-profile tweets from the likes of Musk, Snoop Dog and Simmons, each of whom posted several seemingly tongue-in-cheek tweets that praised the cryptocurrency, or at least all the attention its been getting of late.
Musk has tweeted multiple times about Dogecoin, most recently sharing a take on the lyrics to Baha Men’s infamous song, “Who Let the Dogs Out,” tweeting “🎶 Who let the Doge out 🎶.”
Snoop Dogg, meanwhile, pinned a tweet that simply said, “Snoop Doge.” Simmons, a member of the American rock band Kiss, pointed out how much people could have made if they had purchased Dogecoin earlier.
Dogecoin’s social media-fueled rally has followed renewed interest - and renewed gains - in cryptocurrencies this past year. Bitcoin and Ether, the two biggest tokens by holdings and value, have both hit fresh highs in recent weeks amid interest in pensions and other institutional investors.
Bitcoin was trading at about $39,460 on Monday after surging to almost $41,000 over the weekend, according to Coindesk.