Dogecoin Soars Again Toward Record After Crashing Last Week

Yueqi Yang, Bloomberg News

KATWIJK, NETHERLANDS - JANUARY 29: In this photo illustration a visual representation of digital cryptocurrency, Dogecoin is displayed on January 29, 2021 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images) Photographer: Yuriko Nakao/Getty Images Europe , Photographer: Yuriko Nakao/Getty Images Europe

(Bloomberg) -- Dogecoin, the Shiba Inu-themed digital coin, is surging again and approaching its all-time high after a crash last week sparked an outcry on Reddit.

The digital coin rose 46% in the last 24 hours to 7.4 cents as of 1 p.m. in New York on Sunday, according to CoinMarketCap data. That’s just short of its record of 7.8 cents posted in late January. It now has a market value of $9.5 billion, making it the 10th-biggest cryptocurrency.

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. 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 $40,000, before paring gains.