Elon Musk buys Dogecoin for his baby, sparks 16% surge in currency

Tesla owner Elon Musk has bought Dogecoin - a cryptocurrency - for his son X Æ A-Xii. Earlier, Musk triggered a surge in Dogecoin`s price with a single word tweet "doge."

Dogecoin, which started as a joke or an Internet parody based on a viral dog meme, has earlier skyrocketed to 800%.

“Bought some dogecoin for lil X, so he can be a toddler hodler”, Tesla boss said on Twitter, surging altcoin's prices by 16%. 

This comes in the aftermath of Musk’s growing interest in cryptocurrencies. He had bought bitcoins worth $1.5 billion and would soon accept it as a form of payment for cars.

Similar to bitcoin, Dogecoin is a digital coin that is mainly used for e-transactions and its meme has a picture of the shiba inu on it. Invented by software engineers Billy Markus and Jackson Palmer in 2013, the price of Dogecoin saw a mammoth rise after Reddit traders targeted it.

Earlier, Musk had posted a Twitter poll, asking his 45.8 million followers to choose "the future currency of Earth." He gave two options: "Dogecoin to the Moooonn" or "All other crypto combined."

The poll showed that 71.3% of the 2.4 million voters saying that "Dogecoin to the Moooonn" would be the future of currency.