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.

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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.

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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.