Dogecoin rose to an all-time high Sunday, as Elon Musk tweets “Who let the Doge out” amid the rally.

The Shiba Inu-themed digital coin surpassed 8 US cents (10.67 cents) for the first time, just a week after crashing to 2.5 US cents and sparking an outcry on Reddit. It rose 53% in the last 24 hours to 8.2 cents as of 5.45pm in New York on Sunday, according to CoinMarketCap data, breezing through its recent record of 7.8 US cents posted in late January.

It now has a market value of US$10 billion, making it the 8th-biggest cryptocurrency.

Elon Musk @elonmusk
???? Who let the Doge out ????
Sent via Twitter for iPhone.

The price recovered over the past week after Tesla Inc. co-founder Elon Musk returned from his self-imposed Twitter break to send a series of tweets promoting Dogecoin.

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Started as a joke in 2013, Dogecoin has been riding a wave of newfound popularity on social media, powered by the speculative frenzy of retail investors.

Bitcoin has also rallied this week, topping a record of US$40,000, before paring gains.