At the end, Elon Musk put Dogecoin at the right place. This crypto is completely a joke to tell how superficial it is. Why do everybody put money on that useless tech rather something real, e.g. save people lives?
He most likely already bought DOGE and then started hyping it before dumping it later. We don't know, but TSLA and Elon did exactly this with BTC.
Most of the latecomers following this DOGE pump and dump scheme probably will be hodling the bag and hopelessly 'buying the dip', and averaging down from the high of $0.78.