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Dogecoin jumps after series of Elon Musk tweets fans more wild cryptocurrency trading

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Host Elon Musk during the monologue on Saturday, May 8, 2021.
Will Heath | NBCUniversal

The price of dogecoin spiked on Thursday 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 more than 11% to about 40 cents in midday trading, hours after the first Musk tweet.

"How much is that Doge in the window?," Musk tweeted on Thursday morning.

He later said in a reply to another user that "I haven't & won't sell any Doge."

Thursday's move comes after a wild day for cryptocurrencies saw bitcoin, ether and dogecoin all plunge sharply before clawing back a chunk of those losses later Wednesday.

Dogecoin jumps on Musk tweet

Musk, who talks and posts about dogecoin frequently, 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.

Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts "Saturday Night Live."