Dogecoin has rallied hard since it emerged that Elon Musk is going to buy Twitter.
At one point, the memecoin was up 28% in just 24 hours.
All of this comes amid feverish speculation that DOGE could end up playing a starring role in the next iteration of the social network.
Musk has long expressed his affection for the memecoin — and recently enabled DOGE to be used to purchase Tesla merchandise.
In a flurry of tweets earlier this month, the world’s richest man suggested that the premium Twitter Blue service should be much cheaper than its current price of $2.99 a month.
The billionaire indicated that Twitter Blue should cost about $2 a month and eliminate ads, with DOGE offered as a payment method.
In recent months, Dogecoin’s developers have been working to ensure that transactions can be performed more cheaply on its blockchain — with minimum fees reduced substantially.
DOGE’s sudden spike in volatility has led to a marked rise in liquidations, with CoinGlass data revealing they hit $23 million over the past 24 hours.
DOGE Days Are Over?
While DOGE’s rally comfortably makes it the best-performing cryptocurrency in the top 10, the memecoin’s current price of $0.16 is substantially lower than the highs of $0.73 seen about a year ago.
CoinMarketCap data shows that Dogecoin has fallen by about 78.27% from the all-time highs set on May 8, 2021 — hours before Musk made a guest appearance on Saturday Night Live.