The Tesla CEO tweeted on Sunday a text art image of the Japanese dog, Shibu Inu with a rocket ship.
The rocket ship is a symbol for “to the moon” in the crypto world and is used when cryptocurrency prices are rising drastically.
Mr Musk’s tweet caused Shibu Inu to rise by a whopping 21 per cent.
The cryptocurrency was originally created as a joke in 2010, based on the “Doge” meme.
The surge comes after Bitcoin surpassed $60,000 on Friday and an ETF was approved for the cryptocurrency, opening it up to a wider investor base.
Mr Musk followed his tweet with another, proclaiming: “I’ve thought about and … I’m not sorry for party rockin.”
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