Elon Musk is a cult figure for some of the smartest people on the planet. So what he's doing with the Dogecoin baffles me.
I mean, they say the Internet doesn't recognize any form of hierarchy, but I think Musk has delusions of god-like grandeur.
Basically, he is kind of joking around.
DOGE is THE prototype of a useless coin or "anti-bitcoin".
According to his "fate loves irony" statement, he propagated DOGE because he was sure that it will pump some day.
It became a self fulfilling prophecy, also because of his tweets.
On the other hand, following twitter for at least a whole Bitcoin halvening cycle, you may be aware that some - probably many - other people also wrote tweets like "DOGE!", "DOGE TO THA MOON!", and so on, which didn't get any attention.
Honestly, who DIDN'T think that DOGE will pump after Musk's related weets. I wonder if he took advantage or if he just did it for the lulz.