REUTERS/Mike Blake
- Dogecoin climbed 15% Thursday after Elon Musk published another cryptic tweet.
- "How much is that Doge in the window?" the Tesla chief tweeted.
- The move was short-lived but reinforced yet again just how volatile the meme token is.
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Dogecoin spiked 15% in a matter of minutes on Thursday after Elon Musk published another cryptic tweet referencing the meme cryptocurrency.
"How much is that Doge in the window?" the Tesla CEO tweeted to his 55 million followers.
Attached to the tweet was a photo with the word "CYBERVIKING" in blue neon lights. Under it was what seemed to be a one-dollar bill but with the popular shiba inu dog at the center instead of George Washington.
Just before the billionaire's tweet at 6:41 a.m. ET, the price of Dogecoin was at 0.3667, according on Coinbase data. By 6:45 a.m. ET it had risen as high as 0.4216, marking a quick 15% jump.
The cryptocurrency, which started as a joke in 2013, pared those gains before extending once again. It last traded at $0.4302 as of 9:15 a.m. ET.
The movements reinforce just how volatile the cryptocurrency is. Dogecoin in particular is known for its price fluctuations, moving frequently when prominent figures like Musk tweet about it.
In February, the self-appointed Dogefather published a one-word tweet that sent dogecoin up by 25% in minutes. In March, he posted another tweet saying his space exploration company will put dogecoin on the "literal" moon, causing it to jump 30%.
Dogecoin has seen a blistering rally in 2021, thanks in part to well-known backers such as Musk, Mark Cuban, rapper Snoop Dogg, and Kiss member Gene Simmons.
Dogecoin on May 8 hit its record high of $0.7376.