‘Master Of Coin’ Elon Musk Makes Another Move Sending Dogecoin To $0.41

The price of Dogecoin was up 11% early Thursday morning after Elon Musk tweeted about the Shiba Inu coin on Thursday morning.

The Tesla CEO posted a tweet in the early morning hours on Thursday that read, “How much is that Doge in the window?”

The cryptocurrency soared to a price of over $0.41, according to CoinMarketCap.

The recent tweet from Musk comes after a string of Dogecoin-related posts from the billionaire entrepreneur, who seemingly has what has been referred to as the “Musk Effect” in that whatever he tweets about soars in market share price.

Other companies to reap the benefits from Musk’s tweets in recent months include Etsy, Signal, GameStop, Shopify, and Cyberpunk’s CD Projekt.

The Dogecoin boost comes the day after bitcoin, Ether, and Dogecoin dropped significantly before slightly recovering later in the day. The drop came after China announced a new crackdown on cryptocurrencies, saying that it would not be allowed for transactions.

Bitcoin fell 30% to almost $30,000 with the announcement from China before making a small comeback. The freefall was also attributed to reports that Musk was cooling on the concept of cryptocurrency.

Musk posted on Twitter diamond hands signifying that Tesla had no plans to sell its bitcoin after announcing early last week that it was no longer accepting the currency for payment of its electric cars.

Tesla invested $1.5 billion in bitcoin when it announced in February that it would allow customers to buy EVs with the benchmark cryptocurrency. By the end of March, the company had bankrolled that investment into $2.5 billion.