Dogecoin surges to new record after Musk tweet

Dogecoin rose to an all-time high Sunday, as Elon Musk tweeted “Who let the Doge out” amid the rally.

The Shiba Inu-themed digital coin surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit.

It rose 53% in the last 24 hours to 8.2 cents as of 5:45 p.m. in New York on Sunday, according to CoinMarketCap data, breezing through its recent record of 7.8 cents posted in late January.

It now has a market value of $10 billion, making it the 8th-biggest cryptocurrency.

The price recovered over the past week after Tesla Inc. co-founder Elon Musk returned from his self-imposed Twitter break to send a series of tweets promoting Dogecoin.

Started as a joke in 2013, Dogecoin has been riding a wave of newfound popularity on social media, powered by the speculative frenzy of retail investors.

Bitcoin has also rallied this week, topping a record of $40,000, before paring gains.

Now read: Unmasking a Bitcoin scam setting up shop in South Africa

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Dogecoin surges to new record after Musk tweet