Dogecoin reached an all-time high of 69 cents on Wednesday as the meme-based cryptocurrency enjoys another frenzied run.

This latest rise puts Dogecoin up 12,000% since the beginning of the year.

The spike precedes Tesla and SpaceX CEO Elon Musk hosting NBC’s “Saturday Night Live” at the weekend.

Billionaire Musk has been a fan of the token to his 52 million Twitter followers, with many analysts saying should he mention Dogecoin on national TV, demand could soar.

Dogecoin’s first rally kicked off in February due to a number of tweets from Musk, with one analyst suggesting he may also be responsible for the latest price rise.

Edward Moya, senior market analyst at Oanda commented: “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.”

Dogecoin, despite starting out as a joke in 2013, has gained a following to propel the token higher, almost entirely driven by celeb backers and social media.

Last weekend, Mark Cuban, whose Dallas Mavericks accept the cryptocurrency, explained his support on Twitter: “As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. Yes, a joke is now legit.”

deVere founder and CEO Nigel Green said of the Dogecoin price spike: “Although all classed as cryptocurrencies, it is difficult to compare Dogecoin with the likes of Bitcoin, which runs on ground-breaking tech and has a limited supply giving it scarcity value, amongst other valuable attributes; and Ethereum, which is solving real-world issues and providing in-demand business solutions.  For these reasons, amongst others, they are attracting that monumental institutional investment.

“Whereas we can assume that many people have been buying Dogecoin, not because they think it has any real value, but because they hope others will get FOMO (the Fear of Missing Out), inflate the price up, and then they can sell off and make a quick profit.”