The price of Dogecoin has climbed once again after Tesla chief executive officer Elon Musk decreed himself "The Dogefather" on Twitter and hinted he will promote the joke cryptocurrency on Saturday Night Live on May 8.

Musk's tweet seemingly sparked excitement among Dogecoin traders that the "questionable" digital asset would see further attention in front of a large television audience. 

Dogecoin (DOGE) traded to nearly 35 U.S. cents Wednesday morning on Goingecko, a one-week high, following Musk's SNL tweet. Musk has 52 million followers on Twitter.

Dogecoin's price has spiked 20% in the last 24 hours to 32 cents, figures from Coin Metrics show. The meme-based cryptocurrency hit a record high above 45 cents earlier this month, triggering fears of a potential bubble in the digital currency market.

Previous mentions of the token by Musk have caused similar price spikes, leading U.S. regulators to launch an inquiry for potential market manipulation.

Musk bought $1.5 billion worth of bitcoin earlier this month. But despite the major purchase, it's understood the billionaire doesn't have any significant holdings of Dogecoin.

DOGE is a parody virtual coin derived from the "Doge" meme that came into existence in 2013. Back then, DOGE was trading at only less than a cent.

Dogecoin has seen a 6,000% rally so far this year, overtaking more popular cryptocurrencies like Tether to become the fifth-biggest coin -- thanks in part to the attention drawn by Musk into the cryptocurrency.

Musk has been promoting Dogecoin with online jokes and memes since February, and has said he welcomes a U.S. Securities and Exchange Commission probe into his activities.

When asked by one of his Twitter followers earlier this year why he mentions Dogecoin so much, Musk replied: "I love dogs and memes."