Most investors who have followed Dogecoin (CRYPTO: DOGE) for any extended period of time know how important commentary from Tesla (NASDAQ: TSLA) CEO Elon Musk can be for the token's valuation.

At a visit to Tesla's gigafactory late last night, Musk noted to onlookers that he believes Tesla "should enable [Dogecoin as an official form of payment for its vehicles] at some point." He also gave the crowd a "Dogecoin to the moon!" nod, which was met with cheers.

Following these comments, Dogecoin soared more than 11% in the span of just 15 minutes, and hovered around the $0.19 range for most of this morning. However, as of 4 p.m. ET, Dogecoin has since dropped to around $0.17, still up over the past 24 hours by 1%.

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Source Fool.com