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As Elon Musk ostensibly set Twitter free<\/a> from its cage, popular meme coin Dogecoin broke out of the doghouse that is crypto winter.<\/span><\/p>\n The coin saw an extended rally following the social media giant’s acquisition by the world\u2019s richest man, briefly doubling in value to 14 cents per Doge earlier this week. It now sits at 11 cents as of this writing, up 94% in the past week, according to <\/span>CoinGecko<\/span><\/a>.\u00a0<\/span><\/p>\n The billionaire\u2019s outsized impact on Dogecoin is nothing new, but the coin eclipsed prices this week not seen since May. Musk has not mentioned the coin since completing his $44 billion purchase of Twitter, but has responded to tweets from Billy Markus, one of the developers behind Dogecoin, multiple times.<\/span><\/p>\n In the past week, Dogecoin\u2019s total value has grown from around $8.1 billion to $15.9 billion as of this writing, surpassing coins such as Cardano and Solana, according to <\/span>CoinGecko<\/span><\/a>. It is now the eighth largest cryptocurrency by market capitalization.<\/span><\/p>\n The coin has also seen notable volume on major cryptocurrency exchanges over the past day. Totaling $302 million over the past 24 hours, Dogecoin is currently the <\/span>third most traded<\/span><\/a> token on Coinbase, accounting for over 14% of the exchange\u2019s total trading volume.<\/span><\/p>\n On Binance, trades between stablecoin Tether and Dogecoin <\/span>totaled<\/span><\/a> $1.8 billion in the past 24 hours, accounting for 10% of the exchanges total trading volume. Exchanges between Dogecoin and Binance USD, the stablecoin native to the trading platform, also crossed $900 million, representing 5% of the exchanges total trading volume.<\/span><\/p>\n <\/p>\n The coin is still down 84% from an all-time high of 73 cents, set in May of 2021 on the day Musk hosted Saturday Night Live, the late-night television comedy show. The coin took a 35% dive following Musk\u2019s appearance, where he both called Dogecoin \u201cthe future of currency,\u201d yet also referred to it as \u201ca hustle.\u201d<\/span><\/p>\n The rise in popularity of Dogecoin can be partly attributed to Musk\u2019s multi-year relationship with the token, referenced in numerous tweets and adopted as a method of payment for some products and services Musk\u2019s companies offer.<\/span><\/p>\n Some Tesla merchandise is available for purchase through the carmaker\u2019s website using Dogecoin, and The Boring Company <\/span>accepts the cryptocurrency<\/span><\/a> as a form of payment for using its Las Vegas Loop. In April, Musk also <\/span>floated the idea<\/span><\/a> of letting Twitter users pay for its premium subscription service, Twitter Blue, using Dogecoin.<\/span><\/p>\n Maybe even an option to pay in Doge?<\/p>\n\n