Popular memecoin dogecoin DOGE/USD has rallied a staggering 56% in the last 24 hours, more than doubling its price in the last week Tesla boss elon Musks Takeover from Social networking giant Twitter.

Interestingly, Musk is widely touted as the “Daddy of the Dog” – given that he frequently mentions cryptocurrency and engages with its user community.

Musk has had an amazing relationship with DOGE and has previously shared and tweeted numerous DOGE-related memes.

The Boring Company of Musk, SpaceX and Tesla all accept Dogecoin as payment for goods.

He even dubbed SpaceX’s 2022 lunar mission DOGE-1.

Dogecoin has seen wild swings over Musk’s tweets and announcements in the past.

The billionaire has flirted with the idea of ​​using Dogecoin as a payment option for a membership or paid version of Twitter.

However, his tirades have also landed him in trouble.

A number of Dogecoin investors had sued Musk and his firms for $258 billion in extortion this summer, claiming they deliberately inflated the price of Dogecoin before dumping it.

In response, Musk stated in June that while he supports the cryptocurrency himself, he has not advised anyone to invest in the space.

Also read: Blockchain.com Needs Cash As Valuation Drops 70%: Will VCs Support Struggling Startup?

Dogecoin is the “best crypto” in the long term.

Andy LianSo says Benzinga, author of “NFT: From Zero to Hero”. Dogecoin price action has a history and is closely associated with Musk.

“Also, Dogecoin has strong community support. Dogecoin sub-Reddit has more than 2.2 million subscribers. Also, I think Dogecoin’s inflation is an advantage. There are several reasons why deflationary currencies like Bitcoin BTC/USD may never be used as money. But Dogecoin’s tendency to inflation ranks it among the best cryptocurrencies over the long term,” says Lian.

In the short term, while Elon is still the Dogecoin, we’ll see…