The meme crypto Dogecoin owes its popularity and a stunning dynamic to high-tech mogul and influencer Elon Musk. Created for fun, the token has attracted a lot of fans who consider it a full-fledged investment project. The other day, Elon Musk made a deal to take over Twitter. Dogecoin made an explosive jump in response to the news.

The meme token zoomed up more than 30% to top out at $0.17. Elon Musk has frequently praised its advantages and convenience on different social media which made Dogecoin an instant hit back in 2013.

“Elon has openly supported Dogecoin and previously talked favorably of this token,” Teong Hng, chief executive of Hong Kong-based crypto investment firm Satori Research told Bloomberg. “The market is anticipating that he may incorporate Dogecoin as a payment system, hence this rally.”

Besides, the news of Elon Musk’s purchase of Twitter also pushed its stock up and enhanced the popularity of the social network. On April 25, Twitter shares closed at $51.7 apiece, having gained 5.66% intraday. The next day, the stock declined 2.14% to close at $50.7 apiece.