Musk has previously said his tweets about Dogecoin are “meant to be jokes.”
The cryptocurrency started as a parody of a viral meme involving a Shiba Inu dog.
Despite the surge in recent days, experts warn the rise in value won’t last.
David Kimberley, an analyst at Freetrade, told Express.co.uk: “People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.
“But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time.”