Crypto Dogecoin rises on Elon Musk’s Twitter endorsement

Share price of cryptocurrency, Dogecoin, rose by 50% following a tweet from Tesla founder, Elon Musk. It rose to about 5 cents from 3 cents, according to data from CoinMarketCap.

Elon Musk tweeted a series of tweets about Dogecoin as shown below:

One of the tweets is a meme from the Disney movie, The Lion King, showing Elon Musk photoshopped on the monkey shaman Rafiki holding up the Dogecoin logo of a Shiba Inu in his hands.

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the popular “Doge” meme as its logo and namesake.

Earlier in the week, Musk said on social app Clubhouse that he doesn’t have a strong view on other cryptocurrencies and that his comments on Dogecoin atre meant as jokes, adding “the most iconic outcome would be Dogecoin becomes the currency of Earth in the future.”

Dogecoin’s market value is now at almost $7 billion making it the 12th biggest among cryptocurrencies.