Dogecoin has rallied 6% after Musk's endorsement, enough to push its market cap just above USD 300 million.

This is not the first time that Musk has publicly made positive statements about Dogecoin. In the past Musk put in his Twitter bio that he was the CEO of Dogecoin.

It is perhaps surprising that a billionaire would favor Dogecoin over other cryptocurrencies, but for years the Dogecoin community has been well known for fostering an atmosphere of helpfulness and friendliness.