Dogecoin, a cryptocurrency that started as a joke in 2013, skyrocketed to a high of 71 cents on Saturday afternoon. Earlier on Friday, the cryptocurrency had jumped to touch a new high of 75 cents.

This latest surge in Dogecoin price comes after Tesla Inc. CEO Elon Musk tweeted a promotional image of his upcoming appearance on comedy and variety show, Saturday Night Live (SNL) this weekend photoshopped to include image of the ‘Shiba Inu’ dog, a breed used as a logo for the cryptocurrency. The picture, which also includes musical guests Miley Cyrus and The Kid LAROI, was captioned as “Guest Starring.”

So far, the image has been retweeted 93.4K times and has gathered more than 568,000 likes.

Dogecoin on Saturday at 3.37 p.m. was up by 16.4 per cent at 71 cents with a market cap of over $91 billion.

Since the announcement of Elon Musk’s appearance on SNL, traders across the world have been pouring money into Dogecoin in hopes that the show would help the cryptocurrency to hit or even cross the $1 mark.

Data showed that over the past week the world’s fourth-largest cryptocurrency doubled in value, and it is up over 1000 per cent in the past 30 days period.