Dogecoin was worth about $0.33 as of around 5:45 a.m. EDT on Monday, up over 12 percent on the day, according to CoinMarketCap. The total value of Dogecoin’s circulating supply was more than $44 billion.
At the same time, the hashtag #DogeCoinTo1Dollar was trending on Twitter in the U.S. as fans became optimistic about the token’s rise in price.
Users posted various memes about the token’s future, some receiving hundreds of likes and retweets. One user said that “#DogeCoinTo1Dollar is inevitable” while another wrote: “Let’s get this money fam.”
Speaking to CNBC Make It on August 13, Cuban called the Dogecoin community “the strongest when it comes to using it as a medium of exchange.”
A day later, Musk responded to the comments by tweeting: “I’ve been saying this for a while.”
Cuban followed up with a series of tweets about Dogecoin, writing that “right now DOGE is the people’s way to pay.”
Dogecoin was created as a joke between software engineers back in 2013. Despite this an active community formed around the cryptocurrency token and today it is well-known.
Both Musk and Cuban have endorsed Dogecoin before, and Musk in particular is seen as an influential figure in the token’s community.
Getting Dogecoin to a $1 valuation has been a target for Dogecoin fans for months, but despite numerous social media frenzies the token has so far failed to reach the milestone. There is no certainty that it will this time, either.
Cryptocurrencies are notoriously volatile and experts have previously warned Newsweek about the risks associated with trading them.
Earlier this year the cryptocurrency tanked in price after Musk mentioned it during an appearance on Saturday Night Live, despite hopes the token’s value would increase.
Dogecoin’s all-time high value is still $0.73, which it reached back in May. The token has decreased in price since, and dropped to well below $0.20 last month.
In recent days, the cryptocurrency market has enjoyed a period of growth, with many top-ranking coins rising over the past seven day and 24 hour periods.
Bitcoin, the world’s top cryptocurrency, was up 3 percent at 5 a.m. EDT Monday and nearly 8 percent over the past week, to $47,205.
Ethereum, the next most popular cryptocurrency, enjoyed a similar rise and was worth around $3,270 on Monday morning.