The cryptocurrency, which features a smiling Shiba Inu dog logo after originally being created as a joke in 2013, is up 50 percent this past week, following a market frenzy. This means the tokens are now worth around $50 billion after hitting record highs of just over 40 cents per doge token. The surge in price has been boosted by Tesla and SpaceX billionaire Mr Musk making a joke about the crypto ahead of his appearance on US sketch show Saturday Night Live this weekend.
Last week, he posted a meme of Dogecoin on Twitter, before adding "SNL May 8" alongside it.
This sparked speculation on social media that his appearance as host on the show will feature Dogecoin.
Mr Musk also replied: "Definitely" when asked whether he would use the meme during the show.
A member of the group SatoshiStreetBets, which is named after bitcoin's elusive founder Satoshi Nakamoto, quickly advised people to make the most of the surge.Insurance Loans Mortgage Attorney Credit Lawyer
Dogecoin is up 50 percent this past week, following a market frenzy (Image: GETTY)
They replied: "Better buy that doge before Elon goes on SNL."
Mr Musk has helped the Dogecoin price surge over the last few months by mentioning it on social media.
He was even voted Dogecoin CEO in a 2019 Twitter poll.
He also called Dogecoin his favourite cryptocurrency, which is also said to have helped its popularity.
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Mr Musk has helped the Dogecoin price surge over the last few months (Image: GETTY)
On April 1, Mr Musk also said his