The Musk support has led to a surge in Dogecoin's price by about 37% within minutes. The coin is currently trading at around $0.05, according to TradingView.
Musk, the world's richest man, has previously tweeted about Dogecoin several times. Earlier this week, he said he "occasionally" makes "jokes about Dogecoin."
"They are really just meant to be jokes, but you know Dogecoin was made as a joke to make fun of cryptocurrencies obviously, but fate loves irony and often as a friend of mine says that the most ironic outcome or I'd say the most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of earth in the future," he said at the time.
Meanwhile, for bitcoin, he said at the time: "I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people."
Bitcoin is currently trading down by about 1% at around $37,400, according to TradingView.