According to Coindesk, the token’s market cap is now more than £35.5billion ($49.66billion) – more than Tesco, more than John Lewis, more than Boots.
Billionaire Mark Cuban recently told CNBC DOGE will find its level as the “supply and demand is undefeated”.
Mr Musk, meanwhile, tweeted about “Doge barking at the Moon” – a reference to a 1926 painting by Spanish artist Joan Miró and to dogecoin’s astounding gains.
But all of this success may be temporary, according to Mohammad Uz-Zaman, International Private Client Wealth Manager at ADL Estate Planning.
The expert fears DOGE’s recent movements have mostly been driven by wild speculation and an opportunity for short-term gains.