Dogecoin is back on the trending track after gaining up to 20% in price within some hours today and 50% in the last 24 hours to trade around $0.0059 per coin.

Dogecoin’s price boosted shortly after the world’s richest man and CEO of Tesla Elon Musk, dropped series of tweets on Twitter praising the cryptocurrency.

Elon Musk took to Twitter today and dropped a picture of a rocket shooting above the moon and accompanied it with the caption ‘Doge.’

Musk also dropped a photoshopped picture of him lifting the doge-dog symbol with the caption ‘ur welcome’ in allusion to the popular animation – ‘Lion King’, where the character Rafiki presented Simba as the future king of the animal kingdom.

This picture is a direct endorsement of the Crypto by Musk and a coded way of saying DogeCoin is the future king of cryptocurrency.

Elon Musk recently said in a Clubhouse interview that it will be an “entertaining and ironic outcome” if dogecoin “becomes the currency of Earth in the future.”

The current price of bitcoin is $37,752.84, climbing up by 5.08% in the last 24 hours. Bitcoin has a current market cap of $702.90B and market volume of $53.23B. In the last 24 hours, bitcoin has dropped to $ 35,875.25 and experienced a $38,741.58 high.  Currently, 18,619,000 bitcoins are in circulation.

Stats and Image from Coin Desk

Musk who had earlier said he would later stay-off Twitter for a while added two more tweets praising DogeCoin – ‘No highs, no lows, only Doge’, and ‘Dogecoin is the people’s crypto.