The Kid Laroi in Elon Musk tweet referencing cryptocurrency dogecoin

Popular Australian rapper The Kid Laroi has been caught up in an unfolding cryptocurrency drama after billionaire Tesla owner Elon Musk tweeted out a picture with the Aussie and what appears to be a reference to dogecoin.

The tweet posted on Saturday morning also featured American pop star Miley Cyrus and comes ahead of the trio featuring on American late night sketch and music show Saturday Night Live.

Dogecoin, similar to bitcoin, was originally started as a joke in 2013 to poke fun at bitcoin and the rise of cryptocurrencies.

But it has since skyrocketed to sky high values after Musk, the world’s second richest man, spruiked it repeatedly on social media.

Musk has even been nicknamed the “dogefather” after his promotion of the cryptocurrency triggered a 26,000 per cent increase in the past year.

The tweet posted at 7am AEST has already had more than 50,000 retweets and nearing 300,000 likes.

The replies are inundated with cryptocurrency talk, some users offering to give away amounts of dogecoin for followers and retweets.

Dogecoin was created by software engineers Billy Marcus and Jackson Palmer in late 2013.

Palmer used a popular meme at the time — the deliberately misspelled word “doge” to describe a Shiba Inu dog — to create the cryptocurrency’s logo.

Dogecoin is now the fifth largest cryptocurrency by market cap.

After already appearing on The Tonight Show Starring Jimmy Fallonand The Ellen DeGeneres Show, it will be The Kid Laroi’s debut on Saturday Night Live this weekend where he is expected to sing one of his hits, Without You.

The Kid Laroi was born in Waterloo in Sydney’s southern suburbs. He began to attract interest due to his friendship with late rapper Juice Wrld, who mentored the 17-year-old wile he was on a tour in Australia.

Laroi then gained a local following before singing to Lil Bibby’s Grade A Productions.

He then became known outside Australia with his smash hits Let Her Go and Go which peaked at number 52 on the billboard Hot 100.

His debut mixtape from 2020 F**k Love peaked at number one on the Australian ARIA Charts making him the youngest Aussie solo artist to reach the top.