Dogecoin, which initially began as a joke in 2013 based on a popular meme, rose to a morning high of $0.257, according to prices tracked by Coin Desk. The all-time high is $0.74.
Musk issued his first tweet – based on a Godfather-inspired meme captioned "Release the Doge!" – seconds before that.
The photo featured a prominent character of the movie, Don Vito Corleone, played by Marlon Brando, along with the words: "You come to me at runtime to tell me the code you are executing does not compile."
Later, he took to Twitter, writing: "Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge."
The sequence mirrors the popular song ‘Baby Shark’ by PinkFong.
Musk has tweeted multiple times about Dogecoin and even claimed in 2019 that it might be his favorite cryptocurrency. However, his comments both on and off Twitter have fueled its volatile swings.
In early May, the currency remained volatile for days after Musk made several references to Dogecoin during his appearance on "Saturday Night Live," including calling it "a hustle" during the show's "Weekend Update" segment.
Dogecoin's volatility that weekend caused crypto trading on Robinhood's investment platform to temporarily shut down. Shortly thereafter, Musk's aerospace company, SpaceX, also announced that it would literally be taking Dogecoin to the moon.
Toward the end of May, the virtual currency shot up again – about 50% in a 24-hour period – after Musk issued another meme referencing Doge.
"How much is that Doge in the window?" Musk asked on Twitter, along with a photo featuring a Shiba Inu, the Doge meme's symbol, on a $1 bill sticker attached to a laptop. The photo also features the word "Cyberviking" in neon lights.
FOX Business' Lucas Manfredi contributed to this report.