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Elon Musk Tweets, Dogecoin Surges

Elon Musk has sent the meme cryptocurrency Dogecoin soaring.

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In a series of overnight tweets to his 45 million followers, Elon Musk drove the value of Bitcoin rival Dogecoin up more than 50%. 

Elon Musk | Twitter
Image tweeted by Elon Musk.

His first tweet was only one word: "Doge." He followed it up with "Dogecoin is the people's crypto," and tweeted later: "No highs, no lows, only Doge." The value has increased from 3 cents to over 5 cents at one point on Thursday.

According to CNN, Musk is making a habit of boosting Dogecoin shares. This past December 20, he tweeted, "One Word: Doge" and drove the value up 20%. 

Musk has been publicly critical of cryptocurrency bitcoin, calling it BS, but explained on Clubhouse that he regretted not buying it eight years ago. He seems to feel pretty good about where he is with Dogecoin, based on this Lion King meme he tweeted of himself as the monkey Rafiki holding up baby Simba with a Doge head. 

Related: How a Series of Elon Musk Tweets Helped Lead Investors to Dogecoin, a Meme-Inspired Cryptocurrency Worth 4 Cents