Elon Musk at his crypto game again, tweet sends Dogecoin's value soaring

A few days after his namecheck on Twitter sent bitcoin soaring 14 percent, Tesla CEO Elon Musk's cryptic one-word tweet triggered a massive rally in Dogecoin, a cryptocurrency based on a meme about a Shiba Inu dog.

Dogecoin's value started to soar after Musk tweeted the image of rocket with a trailing tweet "Doge". This was enough for the cryptocurrency's price to skyrocket.

In his subsequent tweets, Musk wrote "Dogecoin is people's crypto" and "No highs, no lows, only Doge".

As per Coindesk.com, Dogecoin is up 760 percent year-to-date. It rose over 50 percent in the last 24 hours.

Dogecoin is also among one of the many altcoins, an umbrella term for digital currencies other than the bitcoin, the most well known and popular cryptocurrency.

The New York Times said Dogecoin was created by Jackson Palmer 2013. He built his own satirical mash-up cryptocurrency that combined bitcoin with the Doge meme he’d seen on social media.

Weeks ago, Musk's tweet about the messaging platform Signal became viral, triggering the download of the app by millions of users across the globe.