Dogecoin is up 105% in the last 7 days

The animal instincts of Dogecoin are evident these days as the meme token continues its aggressive growth, which has led the token to its highest since May.

According to Coingecko, DOGE is trading at $0.119, up 103.3% in two weeks and 94% for the month. It briefly touched the $0.140 mark but immediately entered a phase of moderate price correction.

Dogecoin began its rally on October 25 as the cryptocurrency market emerged from a brief cycle of decline. The asset continued its upward movement after news of the deal's completion to buy social media giant Twitter for $44 billion Elon Musk.

The altcoin now ranks 8th with a total valuation of $16.468 billion, double its market value of $8.1 billion before the impressive price spike. It is ahead of Cardano (9th place, $14.151 billion) and Solana (10th place, $11.805 billion).

Elon Musk is still silent on the future of Dogecoin on Twitter

Since becoming the new owner of Twitter, Elon Musk has never once mentioned Dogecoin. But that hasn't stopped the cryptocurrency from capitalizing on this achievement of the self-proclaimed "father of the Dogs."

One of the main reasons for the altcoin's popularity is its connection to Tesla's CEO, which allowed it to be used as a way to pay for some of his company's goods.

Back in April, Musk, ironically using Twitter, put forward the idea that users would be allowed to use Dogecoin as payment for premium services of the social network Twitter Blue.