Mr Musk’s tweets in recent months have helped to turn the once-obscure digital currency, which was started as a social media joke, into the world’s fourth-biggest cryptocurrency.
It has soared by more than 800% over the last month, with its total market value rising above $70bn, according to cryptocurrency data tracker CoinGecko.com.
However, dogecoin lost more than a third of its price on Sunday, after Mr Musk called it a “hustle” while he was hosting the Saturday Night Live comedy sketch television show.