It is hard to say if he is just acting the fool or trying to make others look the fool at this point.
He tried to do what he did to tesla and it's stock but for cryptocurrencies back in February when he questioned if the stock was too high, then of course those who held tsla panic sold.

Well there were alot of messages like this one sent to his twitter feed from unhappy people of what he is doing:

It could be just people trolling the troll on his twitter but there isn't a doubt in my mind people did lose alot because he can not just shut it about cryptocurrency and feels there is a need to talk about it every now and again just to laugh at others cause he sees it all as just a joke to him.

I believe that the role of Elon Musk in the cryptocurrency world is greatly exaggerated and the attention to his statements is overblown. Rather, he decided to play around and draw more attention to himself and to Tesla. Yes, he is a cult personality of cosmic proportions, and it would be better if he was busy with his rockets than to climb with his dubious opinion into the cryptocurrency market, because the market will put everything in its place anyway.

We do have only 2 types of people when it comes to this on where there are people whom do see him as a 2 year old kid and to those people whom do see him as a God or Idol when it comes to this market.
When some billionaires tend out to jump into this market then that automatically counts as a business.They arent here just for nothing, he might shown some passion or support to crypto but
anytime could really make a u-turn if he wanted too and viola it did happen and now majority of the community does changed up their views to this guy.
This is just an another clown that had existed on this market.

Everyone wants to make money and so does Elon Musk. Name any individual in the world who is here not for the money ? However i don't like people who manipulates the market to move it in their direction.
Don't blame Elon musk, if you bought dogecoin and are in loss. It was your own decision. Show me any tweet where he said to "Buy dogecoin"

So looks like the founder of ethereum is starting to get all riled up with Elon Musk stating that even doge coin is more scalable than his coin alongside with bitcoin.
https://cointelegraph.com/news/vitalik-why-elon-musk-s-plan-for-scaling-crypto-10x-is-fundamentally-flawed
He was upset at what Vitalik said about him to cointelegraph cause he replied to their article with the following post:

As I had mentioned in another post earlier for this thread, I'd include a video in which I discovered just recently about how this ceo operates his company and the methods he had used in the past to acquire each and every one of them.
So here it is where I watched the second part first then ended up looking for the first part to see where the condemnation for this guy came from. And after watching them both I can see where it all stemmed up from and I think you will too.
The Debunking of Elon Musk

Part 1: https://www.youtube.com/watch?v=c-FGwDDc-s8
Part 2: https://www.youtube.com/watch?v=DopFo1rjAr4

Elon Musk - Why I hate bitcoin?

https://www.youtube.com/watch?v=mWo3Y6GOius

He did lose a lot of followers for being too smart. 
If he is really that smart enough, he would make a better reason than just talking about Bitcoin as an environment disaster. I doubt he didn't know that before he bought it. Just like you said, he is a smart guy right?
I don't think he really give a fuck about cryptocurrencies, yes it's all just money and profits for him. Suddenly, he made cryptocurrencies as a new target for his manipulation. I'd be careful on what name he will suggest next time. The scary thing he might do is pull investors in a new cryptocurrency then leave it saying his sorry he made a mistake.

Doesn't sounds good if he create his own cryptocurrency since his coin will became a pump and dump scheme which he is the only one who can get a sure profit from this activities remember what he do on tesla stocks and this might provably happen if he want to create his own coin to.

^^
Yet so many others with such celebrity status and a huge amount of followers are doing the exact same thing if not in a different way.
There was some evidence of this with  it being released to the public via another social media platform:
https://www.coindesk.com/soulja-boy-tweet-safermars-sec-touting

He received an email to promote a coin but he copy & pasted it exactly along with the part of how much he would get paid to send it to all his followers on twitter.
See how skewed the crypto market can be with people who accept these spammers who email all these celebrities to promote their coin?

Just look at this guy who was a mailman a year ago then all the sudden became Crypto Messiah known on his twitter/telegram feed who made over $60 million on Shiba Inu from just a single tweet from Musk about buying a Shiba dog.

https://www.youtube.com/watch?v=CWdw5X504Dg

Hadn't even known this coin existed for so long as I thought it was one of those which just all the sudden popped up from the dogecoin craze earlier in January from Elon tweets.

Interesting interview to say the least about that hodling mentality for any coins you may have even for bitcoin.

Did anyone mention his late agenda regarding "green" mining etc in the US? Given that this guy is one of the largest manufacturers in solar power equipment I find it hard to believe he won't try to push his "green" stuff to miners, while lobbying legislation supporting it.