When do politicians dog-whistle conspiracy theories (CTs), and when do they explicitly endorse – or ‘bark’ – a CT? Over time, does the use of dog-whistles shape the degree to which politicians bark? Drawing from the models of mass communication literature, we theorize that politicians who leverage CTs to garner political support have incentives to tailor their communication to their audience. When politicians speak to general audiences, they risk being punished for explicitly endorsing CTs. However, for parties that use CTs to rally their base, dog-whistling a CT may allow politicians to covertly signal support for a CT to party faithful. Conversely, amongst audiences primarily composed of party loyalists or CT believers, politicians have strong incentives to explicitly endorse CTs. We test our theory with data from Poland, where a series of CTs emerged following a 2010 plane crash in Smoleńsk, Russia that killed the Polish president and 95 other top officials. We draw on speeches and tweets discussing the crash from 2011 to 2022 by the Law and Justice (PiS) party, which sometimes endorses these CTs. We find descriptive evidence that PiS politicians both dog-whistle and ‘bark’. While they tend to dog-whistle more when the audience is more diverse, they tend to bark when the audience is more uniformly CT-supporting. We find some evidence that politicians bark more and dog-whistle less over time, which suggests that, with sustained use, dog-whistling may become understood by a wider array of audiences.