The dog coin also came to "rub the heat" after Twitter accepted Musk's takeover offer jumped more than 24%

The price of dogcoin jumped more than 24% on Monday after news broke that Twitter (NYSE:TWTR) (TWTR.US) accepted a buyout offer from Tesla (NASDAQ:TSLA) (TSLA.US) CEO Musk. Meanwhile, Twitter shares closed up 5.66%.

Musk has been touting dogcoin on social media since last year. According to Coin Metrics, his tweets drove the dogcoin up to an all-time high of 67 cents last May.

Jack Dorsey, Twitter's former CEO and co-founder, left the company last November to focus on another company, Block (SQ.US), reflecting his broader ambitions in cryptocurrency and blockchain technology.