Dogecoin (DOGE ($0.36)) saw a massive surge in value, jumping around 25.4% over the past 24 hours, briefly reaching $0.2133, according to data from CoinMarketCap.

Notably, the spike in price pushed Dogecoin’s market capitalization to just over $29 billion, temporarily surpassing XRP ($3.17) to become the seventh largest cryptocurrencies by market value, before receding.

The remarkable rally came in the wake of recent comments made by X (formerly Twitter) owner Elon Musk, who has historically been a vocal supporter of the cryptocurrency. In an