Popular memecoin Dogecoin (CRYPTO: DOGE) has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musk’s acquisition of social networking giant Twitter. Interestingly, Musk is widely touted to be the “Dogefather” — as he frequently mentions the cryptocurrency and engages with its community of users.