Elon Musk said he would keep supporting Dogecoin, sending its price up by nearly 10%.
Like many cryptocurrencies the coin has lost most of its value this year following a huge selloff.
Bitcoin and Ethereum remained volatile after big losses on Saturday.
Dogecoin jumped nearly 10% off near-record lows on Sunday after Elon Musk said he would continue to buy the cryptocurrency.
The coin rose about 8.5% in the space of 24 hours after Musk tweeted: "I will keep supporting Dogecoin."
In response to another user telling Musk to "keep buying it then," he replied: "I am."
Musk's tweets caused the cryptocurrency to spike nearly 10% in the space of an hour to $0.056, helping to compensate for heavy declines over the past month.
It has aligned with a rebound in other cryptocurrencies as they struggle following significant losses.
After a record 12-day losing streak, Bitcoin was trading at about $18,300 on Sunday after sliding under $20,000 on Saturday, according to CoinDesk. It had been as low...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...