• The Tesla chief executive on Sunday wrote a tweet to his 46 million followers, promoting a one-minute video on Dogecoin.
  • On February 7, the cryptocurrency ranked among the top 10 digital coins.
  • Also Snoop Dog, Gene Simmons, and Kevin Jonas are among the celebrities who have indicated enthusiasm for Dogecoin.

Dogecoin jumped as much as 31% Monday after tweets from Elon Musk and rapper Snoop Dog over the weekend sent the meme-inspired token soaring to record highs.

The cryptocurrency surged to a record $0.083745 at 5:29 PM on February 7, and ranked in the top 10 digital coins, according to data from CoinMarketCap.

A day before, rapper Snoop Dogg tweeted a photo of a Shiba Inu, the breed of dog representing the cryptocurrency, attached to a human body. The caption was even simpler: "@elonmusk."

Dogecoin's spike continues a string of recent moves higher on the back of Musk's tweets. Last week, the Tesla CEO sent shares of a little-known gold stock higher after praising the techno hit Sandstorm by Darude, while he previously sent shares of Etsy surging after tweeting "I kinda love Etsy".

"Arguably the most entertaining outcome, the most ironic outcome, would be that Dogecoin becomes the currency of Earth of the future," Musk said earlier on audio-only social media app Clubhouse.