Most investors who have been following Dogecoin (CRYPTO: DOGE) for any extended period of time know how important Tesla (NASDAQ: TSLA) CEO Elon Musk’s (NASDAQ: TSLA) comments can be to the token’s valuation.

During a visit to Tesla’s gigafactory last night, Musk told the audience that he believes Tesla “should at some point incorporate [Dogecoin as an official form of payment for its cars].” He also gave the crowd a nod to “Dogecoin to the moon!” which was met with cheers of approval.

Following these comments, Dogecoin soared over 11% in just 15 minutes and has been hovering around $0.19 for most of this morning. However, as of 4:00 p.m. ET, Dogecoin was down to $0.17, but was up 1% over the past 24 hours.