Dogecoin soars 26% as Elon Musk clinches Twitter purchase, raising hopes for the meme coin's use as a payment method on the platform

• Dogecoin jumped 26% Monday after Twitter announced it is accepting Elon Musk's $44 billion buyout offer.
• Musk's tweets have been a significant influence on dogecoin's price movements in recent years.

Dogecoin jumped 26% on Monday after Twitter announced it is accepting Elon Musk's $44 billion buyout offer.

Musk has been a big booster of the meme-based cryptocurrency, often pushing its price higher with just a tweet, and some speculate that his Twitter takeover will include plans to integrate dogecoin to the platform in some way.

Musk had earlier teased at a dogecoin-Twitter integration in a tweet he posted that suggested paying for Twitter Blue, the platform's subscription service, using the crypto. Musk also tweeted that he was working with dogecoin's team to improve system efficiency.

Dogecoin shot up to $0.1673 Monday, up 26%, to extend its gain after rallying 9% earlier in the day.

When the Tesla CEO announced in January that the electric vehicle maker would accept some merchandise payments in dogecoin, the token spiked about 10%.