The price of dogecoin spiked on Thursday morning after Tesla CEO Elon Musk mentioned the coin on Twitter, adding another chapter to the volatile history of a cryptocurrency that started as a joke.
The price of the digital coin was up 11% to about 40 cents shortly before 7 a.m. ET after the Musk tweet.
“How much is that Doge in the window?,” Musk wrote on Twitter.
Thursday’s move comes after a wild day for cryptocurrencies on Wednesday, which saw bitcoin, ether and dogecoin all plunge sharply before clawing back a chunk of those losses later in the day.
Musk talks and posts about dogecoin frequently, and said earlier this month that he was working with developers to improve the cryptocurrency. He has also referred to it as a “hustle” on “Saturday Night Live” and said its value was largely speculative at this point.