Last month, Musk inquired about converting "large transactions" of Tesla's balance sheet into bitcoin in a Twitter exchange with Microstrategy CEO Michael Saylor.
Saylor at the time encouraged Musk to shift cash from Tesla to bitcoin and "do your shareholders a $100 billion favor." The exchange came after Musk posted a suggestive image indicating that he's tempted by bitcoin.
Shortly after that exchange, Musk wrote in a separate tweet at the time: "Bitcoin is my safe word."
Musk, the world's richest man, has previously tweeted about Dogecoin several times. The price of Dogecoin recently hit a new all-time high above $0.02.