Dogecoin (DOGE) rose more than 50% Thursday morning and was trading around $ 0.059 per coin.
The news was apparently greeted by Elon Musk, who made several tweets about the cryptocurrency despite promising to stay away from Twitter for “a while” two days ago.
In one case, Musk shared a Lion King-inspired meme with a photoshopped image of himself lifting the iconic DOGE Shiba Inu dog into the sky.
He went on to a series of tweets describing the cryptocurrency as “folk crypto,” adding, “No ups, no downs, just Doge.”
Such erratic price movement is pretty standard for cryptocurrency. On Jan. 29, DOGE rose more than 800% to around $ 0.082 per coin, apparently driven by the attention of Reddit trading groups like WallStreetBets and a TikTok post about the “Dogecoin Army” of niche celebrity Carole Baskin from Netflix’s ” Tiger King ”was triggered.
In early January, adult actress Angela White also had DOGE doubled after saying she was the owner of the cryptocurrency.
DOGE, which 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 result” if Dogecoin “becomes the currency of the earth” in the future.