Dogecoin bulls are picking up steam with a double-digit price increase. The price of Dogecoin, the leading meme currency, has risen about 12% in five hours.
The canine crypto-currency hit a high of $0.10516 on the Binance exchange before trimming its gains.
According to data provided by currency ranking site CoinMarketCap, Dogecoin is currently the best performing crypto-currency in the top 10. It is also the third best-performing crypto-currency in the 100 (behind Fantom and Chainlink).
Dogecoin saw a double-digit price spike over the weekend after Tesla CEO Elon Musk suggested he would create his own smartphone as part of his feud with tech giant Apple. The market took this ridiculous idea as a potentially positive sign for future Dogecoin adoption.
The price of the most popular meme coin lost its weekend gains on Monday, with profit-taking likely to thwart the meme coin’s newfound momentum.
Dogecoin had a wild rally shortly after Musk finalized the acquisition of Twitter. However, it ran out of steam relatively quickly, and the largest meme currency is still down 85.74% from its lifetime peak.
Dogecoin fell sharply after Twitter abandoned plans to integrate a crypto-currency wallet.
Still, the price of the leading meme currency remains sensitive to any Twitter-related news, as the market still believes that DOGE could end up being an important part of the social media platform.