Elon Musk's apparent influence over the value of dogecoin has continued after a Twitter poll hinted Tesla may accept payment in the cryptocurrency.
The billionaire asked his 54 million Twitter followers "Do you want Tesla to accept Doge?", referring to the digital currency worth around US$0.50 each.
Dogecoin spiked by 20 percent following the poll, surging from a low of 44 cents to a high of 53 cents (US currency).
The Twitter poll comes days after he called dogecoin a "hustle" sending the meme-inspired cryptocurrency's price reeling after a 700 percent rally in a month. A proponent of digital currencies, the Tesla Inc chief executive made the comment as a guest host on Saturday Night Live over the weekend.
The total value of circulating dogecoins is US$78 billion.
Musk is one of the world's richest people and owner of several futuristic companies, including SpaceX and Neuralink. He has used his candid Twitter feed to give his opinion on cryptocurrencies, including bitcoin, most times affecting their price.
In March, Musk said US customers could purchase Tesla vehicles with bitcoin, marking a significant step forward for the cryptocurrency's use in commerce. The electric-car maker had bought US$1.5 billion worth of bitcoin earlier this year, propelling its prices to record highs. read more
Based on current prices, one would need nearly 80,000 dogecoins or 0.7 bitcoin to buy the cheapest Tesla Model 3 car.
Musk's poll on dogecoin has received over 3.5 million responses since he posted it, with nearly 80 percent of respondents voting to ratify the new payment method.
It comes just days after Musk said that SpaceX would accept dogecoin as payment to launch a lunar mission next year.
The limited supply of bitcoin helps drive its value as the digital currency gradually gains acceptance for commercial transactions. Whereas dogecoin, which began as a social media joke in 2013 with a shiba inu dog as its avatar, has an unlimited supply and remains seldom used to make payments for goods.
Dogecoin jumped more than 700 percent over the last month and is now the fourth-largest digital currency. It hit a record high last week at above 73 cents.
The billionaire's tweets have drawn scrutiny from the US Securities and Exchange Commission in the past, but his recent remarks about cryptocurrencies have not landed him in any regulatory troubles so far.