Against this backdrop, the cryptocurrency has gained 50% today amid a new post from Tesla's chief. The price of Dogecoin jumped to 0.05798 US dollars per token after Musk first tweeted "Doge", and then wrote, "Dogecoin is the people's crypto."

Notably, the same happened to bitcoin last week. It rallied right after Elon Musk tagged it in his Twitter. Musk said he is a big supporter of bitcoin. A day earlier, his messages triggered a rise in Dogecoin. Commenting on this situation, the billionaire said it was just a joke, just like the Dogecoin cryptocurrency itself. Funny enough, even such jokes can influence the crypto market. What if Dogecoin becomes the world's next cryptocurrency, Musk said.

By the way, he has since removed the tag #bitcoin.