A series of tweets Musk sent overnight sent the Bitcoin rival up more than 50% in trading Thursday.
Musk has previously said his tweets about Dogecoin are “meant to be jokes.” The virtual currency, which originally started as an internet parody based on a viral dog meme, surged last week thanks to hyped-up Reddit users before plunging over the weekend.
“I do at this point think bitcoin is a good thing. I’m late to the party, but I am a supporter of bitcoin,” he said.
He’s apparently determined not to be late to the party on Dogecoin.
— CNN Business’ Jazmin Goodwin and Hanna Ziady contributed to this report