Dogecoin soars to record high as Elon Musk fires off new tweet

The price recovered after Mr Musk returned from his Twitter break to send a series of tweets promoting Dogecoin.
The price recovered after Mr Musk returned from his Twitter break to send a series of tweets promoting Dogecoin.PHOTO: REUTERS

NEW YORK (BLOOMBERG) - Dogecoin rose to all-time high on Sunday (Feb 7) as Tesla co-founder 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 per cent in the last 24 hours to 8.2 cents as of 5:45pm 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 US$10 billion (S$13.3 billion), making it the 8th-biggest cryptocurrency.

The price recovered over the past week after Mr 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 US$40,000, before paring gains.