Dogecoin Rises More than 50 Percent on Thursday as Elon Musk Resumes Comments

Elon Musk is back tweeting about cryptocurrency just two days after promising he would stay off Twitter for “a while.”

Dogecoin (DOGE) rose more than 50% on Thursday morning to trade at about $0.059 per coin.

The world’s richest man shared a Lion King-inspired Meme featuring the image of himself raising the iconic shiba inu dog to the sky.

He continued with a string of tweets describing the cryptocurrency as the “people’s crypto” adding, “No highs, no lows, only Doge.”

Such erratic price action is fairly standard for the cryptocurrency. On Jan. 29 DOGE surged more than 800% to about $0.082 per coin, apparently triggered by attention from the Reddit trading groups like WallStreetBets along with a TikTok post about the “dogecoin army” by niche celebrity Carole Baskin from Netflix’s “Tiger King.”

In early January, adult actress Angela White also caused DOGE to double in value after she said she was a holder of the cryptocurrency.

DOGE, which was started as a joke in 2013, is now the 12th most valuable cryptocurrency by market value, according to CoinMarketCap.

Musk recently said it would be the most “entertaining and ironic outcome” if dogecoin “becomes the currency of Earth in the future.”