Elon Musk Dubs Dogecoin 'People's Crypto,' Sending It Soaring 50% Again

Tesla Inc. TSLA CEO Elon Musk in a tweet early Monday said Dogecoin (DOGE) was “people’s crypto.”

What Happened: “No need to be a gigachad to own,” the billionaire entrepreneur said, adding — “No highs, no lows, only Doge.”

Musk’s tweets comes a little over a day after he announced he was taking a break from Twitter.

Why It Matters: In his appearance on Clubhouse earlier this week, the Tesla CEO had said he often jokes about Dogecoin and they are really just meant to be jokes.

Dogecoin was started as a parody currency back in 2013. The cryptocurrency has been at the center of a pump driven by members of r/SatoshiStreetBets community on Reddit and surged to as high as $0.791 last week.   

Musk also said that he was “a supporter of Bitcoin” and believes the cryptocurrency is on the verge of finding broad acceptance in conventional finance.

Dogecoin traded 51.6% higher at $0.049 at press time.

Read Next: Dogenomics: What's So Special About Dogecoin Anyway?

Photo courtesy: JD Lasica via Flickr