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Let this sink in: Popular meme coin Dogecoin<\/a><\/span> has jumped over 9% on the news that Elon Musk has officially taken ownership of Twitter<\/a> and fired its top executives on Thursday.<\/p>\n As of Friday morning, DOGE was the ninth largest cryptocurrency at an $11.5 billion market capitalization and trading at around $0.084\u2014a high it\u2019s not seen since August. It\u2019s done $3.7 billion in trading volume over the past 24 hours, according to CoinGecko<\/a>.<\/p>\n That means more DOGE has changed hands in the past day than Solana<\/a><\/span> (SOL) or Bitcoin Cash<\/a><\/span> (BCH). In fact, the entire meme coin<\/a> category, as CoinGecko defines it<\/a>, has risen nearly 10% since yesterday.<\/p>\n The only times DOGE has done more trading volume this year were when Musk said Tesla would accept<\/a> the token as payment in January, when he announced that he would buy Twitter<\/a>, and again when Twitter accepted the bid<\/a>\u00a0in April.<\/p>\n Musk finalized his $44 billion deal to purchase the social media giant on Thursday, writing on Twitter<\/a>\u00a0that, \u201cThe bird is freed.\u201d<\/p>\n The news about Musk wanting to buy Twitter kicked off wide speculation that he would decentralize the platform<\/a>, and in doing so, make DOGE (his \u201cfavorite crypto<\/a>\u201d) a currency that could be used to pay for services, like Twitter\u2019s Blue subscription<\/a>.<\/p>\n The correlation between Musk\u2019s fandom of the meme token and its price has been a point of contention.<\/p>\n In June, Dogecoin co-creator Jackson Palmer leveled some seemingly damning criticism against the Tesla CEO: \u201cHe\u2019s a grifter, he sells a vision in hopes that he can one day deliver on what he\u2019s promising, but he doesn\u2019t know that,\u201d he told an Australian news outlet<\/a>. \u201cHe\u2019s just really good at pretending he knows.\u201d<\/p>\nElon Musk’s Twitter takeover<\/h2>\n