The Dogecoin cryptocurrency has spiked more than 20 percent to over $0.31 after SpaceX and Tesla boss Elon Musk again appeared to promote the coin on his Twitter page.

“The Dogefather SNL May 8,” Musk tweeted, referring to his recently announced hosting spot on Saturday Night Live.


The tweet pushed the cryptocurrency value back towards the record highs it enjoyed two weeks ago after recent declines.

Dogecoin experienced another surge last week, gaining roughly 20 percent in value as traders declared 20 April "Doge Day."

Shiba Inu dog meme-themed Dogecoin was launched in 2013 and quickly gained a massive online following. Now, many famous people are backing the digital coin including rapper Snoop Dog and KISS rock star Gene Simmons.