Following word that Twitter had accepted Elon Musk’s purchase offer, the price of dogecoin soared on Monday afternoon.

Following the announcement that Twitter might be purchased by a company controlled by Tesla CEO Elon Musk, the meme cryptocurrency soared as much as 27%.

Dogecoin was up 24.3 percent at the time of writing. Meanwhile, Twitter’s stock rose 5.6 percent on the day.

With his tweets regarding dogecoin and bitcoin at the time, Musk became something of a cryptocurrency market mover. According to Coin Metrics, his postings spurred dogecoin’s run to an all-time high of 67 cents in May of last year.

Jack Dorsey, Twitter’s former CEO and co-founder, stepped down in November to focus on his payments firm, Block (formerly Square), which has subsequently been renamed to Block (from Square) to reflect greater goals in cryptocurrencies and blockchain technology.

Musk’s Tesla is one of the largest corporate buyers of bitcoin, in addition to being a dogecoin influencer. Those hoping for additional crypto-native features on Twitter will be watching to see whether and how Musk prioritizes crypto. On the surface, Bitcoin’s censorship-resistant characteristics meshes with Musk’s idea of a free-speech utopia.

“Free speech is the backbone of a functional democracy, and Twitter is the digital town square where critical issues affecting humanity’s future are debated,” Musk said in a statement released Monday.

According to CoinMarketCap, bitcoin began as a joke in 2013 and has since risen to become the 11th-largest cryptocurrency by market capitalization. The value of cryptocurrencies changes a lot in response to celebrity endorsements from people like Elon Musk, rapper Snoop Dogg, and Kiss frontman Gene Simmons. 

Because there is no limit to the amount of coins that can be issued, the price of the cryptocurrency should theoretically decline as more coins are created. Mark Cuban, a billionaire investor and entrepreneur, has stated that cryptocurrency has no fundamental value.