The news that Twitter had accepted Elon Musk’s purchase bid boosted the price of dogecoin on Monday afternoon.

Following the revelation that Twitter might be bought by a corporation controlled by Tesla CEO Elon Musk, the meme cryptocurrency rose by as much as 27%.

Dogecoin just increased by 24.3 percent. Meanwhile, Twitter’s shares rose 5.6 percent on the day.

The original meme asset, Dogecoin, was founded in jest in 2013 and is based on the Internet joke doge. Last year, after Tesla CEO Elon Musk backed it and continued to push it on social media, it garnered some popularity.

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