Image source: Fox Business
Dogecoin is booming now more than ever after Elon Musk took over Twitter, taking the coin out of crypto winter.
The meme coin is currently on sale for $0.12.
The meme coin enjoyed a rally when the richest man in the world finally bought the popular social media platform last week.
Earlier this week, Dogecoin’s value briefly doubled, going up to 14 cents.
Elon Musk’s influence on the cryptocurrency has been going on for years, but the coin eventually eclipsed prices that hadn’t been seen in May.
Although Musk didn’t mention Dogecoin after the purchase on Twitter, he replied to Billy Markus on Twitter, one of the developers behind the meme coin.
Over the past week, the cryptocurrency’s value has grown even more.
The meme coin jumped from $8.1 billion to $ 16,630,929,389 (as of this writing).
Dogecoin has already overtaken coins like Cardano and Solana to become market capitalization’s eighth most popular cryptocurrency.
Read also: Dogecoin prices shoot up after Elon Musk decides to push for buying Twitter
The meme coin has experienced significant volume in major cryptocurrency exchanges in the past few days.
It is currently the third most traded token on Coinbase, accounting for 14% of the exchange’s total trading volume.
Meanwhile, trading between stablecoin Tether and Dogecoin has generated $1.8 billion on Binance in the past 24 hours.
It accounts for 10% of the total trading volume of the Binance exchange.
Additionally, the cryptocurrency and Binance USD trading exceeded $900 million, accounting for 5% of Binance’s total trading volume.
Despite the rally, Dogecoin is still down 84% from its all-time high.
The coin hit 73 cents in May last year.
That day, Elon Musk was a guest on Saturday Night Live.
After Musk’s SNL appearance, the coin plummeted 35% after he called it the future of the currency but also referred to it as a hustle.
Read also: Elon Musk Stands His Ground in Supporting Dogecoin Despite Lawsuit
Musk and Dogecoin
Dogecoin’s growing popularity can partly be attributed to Musk’s long-standing relationship with the meme coin.
In the past, he has referenced the coin in a few tweets.
Musk then added Dogecoin as a payment method for some of his companies’ products and services.
Select Tesla merchandise are available for sale with the meme coin on the company’s website.
Additionally, The Boring Company accepts cryptocurrency as payment for its Las Vegas Loop.
In April, Elon Musk announced plans to allow Twitter users to use Dogecoin to pay for Twitter Blue, the platform’s premium subscription service.
The Tesla founder’s fondness for the meme coin dates back to 2019 when he tweeted:
“Dogecoin may be my fav [sic] cryptocurrency.”
From there, he would share memes about the coin.
However, not everyone believes that Musk endorsed the cryptocurrency in good faith.
In June, Musk, SpaceX and Tesla were slapped with a $258 billion lawsuit.
The lawsuit alleged that Elon Musk was pumping the cryptocurrency.
Apart from Dogecoin, Musk’s acquisition has also impacted dog-themed coins like Shiba Inu and Dogechain.
The two coins are up 19% and 100% this week.
Dogecoin leaps 94% in weekly gains following Elon Musk’s Twitter acquisition