Tesla and SpaceX CEO Elon Musk tweeted a video of his son X Æ A-Xii on Wednesday, captioning the clip ‘Bought some Dogecoin for lil X, so he can be a toddler hodler’, referring to a form of cryptocurrency. Not too long after, the currency reportedly touched a high of $10.5 billion market capitalisation in Asian trading hours on Monday.
The surge was close to 20% for the most widely cryptocurrency in the world, hitting a unit-price of over $47,000.
Tesla on Monday noted that it had bought bitcoins worth $1.5 billion and would be accepting it as a payment method for buying their cars.
The cryptocurrency, stemming from a popular meme reference about a Shiba Inu dog, has the animal as its mascot.
Musk, having more than 45 million Twitter followers, has been recently active in sending prices soaring for specific companies and their products.
Recently, he had added #bitcoin to his Twitter bio.
Dogecoin originated as a satirical take on the crypto frenzy, which started a few years back, but is tradable in digital currency exchanges.
The billionaire who overtook Jeff Bezos to become the world’s wealthiest man a few months back, also wrote "Dogecoin is people's crypto" in a subsequent tweet, in an apparent attempt to further float the currency.