Elon Musk, founder of SpaceX and Tesla. Photo: Brendan Smialowski / AFP via Getty Images

The price of Dogecoin (DOGE) shot up to 20% on Wednesday after Tesla (TSLA) boss Elon Musk called himself the “Dogefather” on Twitter (TWTR) before he appeared on the US comedy show SNL.

He tweeted “The Dogefather” to his 52 million subscribers, “SNL May 8”.

Memes-inspired crypto fell from $ 0.26 to $ 0.32, bringing it back to all-time highs two weeks ago, after declines last week.

The cryptocurrency, which started out as a joke in 2013, now has a market cap of over $ 50 billion (£ 36 billion), thanks to recent surges.

It was boosted by the GameStop saga in early January 2021, climbing over 800% as Reddit users, who also pumped stocks like GameStop (GME) and AMC (AMC), called the coin to their attention. .

In February, Musk started tweeting about it. Musk sent out a flurry of cryptocurrency tweets, first just tweeting the word ‘Doge’, followed by ‘Dogecoin is the people’s crypto’ and ‘No highs, no lows, only Doge’.

The rise follows similar trends in global financial markets and renewed interest in cryptocurrencies.

Bitcoin (BTC-USD) and ethereum (ETH-USD) – the world’s two largest cryptocurrencies – recently hit new all-time highs, a rally that coincided with the Coinbase (COIN) listing on the stock exchange.

This is not the first time that the billionaire has influenced the cryptocurrency markets. Musk has already sent out supportive tweets on the flagship Bitcoin crypto.

Its involvement in price spikes has led to speculation that it is being investigated by US regulators for possible market manipulation.

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READ MORE: The story of Dogecoin, the joke coin worth more than Barclays and Lloyds

Tesla invested $ 1.5 billion in Bitcoin in February and said it may even start accepting it as payment for its products.

Musk, who has often been seen tweeting about bitcoin and cryptocurrencies, has contributed to the popularity of Bitcoin. Earlier in January, he skyrocketed the price of Bitcoin after the businessman tagged the crypto in his Twitter bio.

Chart: Yahoo <a class=Finance” src=”/wp-content/uploads/2021/04/Dogecoin-soars-after-Elon-Musk-labels-himself-Dogefather.png”/>

Chart: Yahoo Finance

Dogecoin derives its name and logo from the dog Shiba Inu in the ‘doge’ meme that became popular on the internet at the start of the last decade. Cryptocurrency can be used for payments in the same way as bitcoin, but it is much smaller and less known or used.

Other celebrities have also tweeted about the token following Musk’s attention. Snoop Dogg also jacked up the price of the joke token, as did KISS frontman Gene Simmons.

Musk previously said his frequent tweets on Dogecoin were jokes.

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