Tesla CEO Elon Musk, who has been promoting Reddit betting, tweeted his support for meme based cryptocurrency Dogecoin on Thursday, after which the currency went flying with a more than 50 per cent increase in its value. Musk wrote “Doge” followed by another tweet: “Dogecoin is the people’s crypto”. ur welcome pic.twitter.com/e2KF57KLxb — Elon Musk (@elonmusk) February 4, 2021 This diverted the attention of the millennial trading community towards Dogecoin and its value jumped up 50% within a few hours. The currency that has stayed at a low value of fractions of a cent, rose from $0.04 a coin to nearly $0.06 on Thursday, with a $2 billion increase in its overall market cap. Earlier, the billionaire entrepreneur had shared a picture of a dog posing on the cover of “Dogue” magazine, causing an 822% increase in the value of Dogecoin in a day. It is noteworthy that Dogecoin is a meme-based cryptocurrency that was started as a joke in 2013. Its co-founder Jackson Palmer described it in 2014 as a “personal joke” that he had decided to share with the world, encouraging people not to take it seriously.