Dogecoin (DOGE) has continued its bullish price action for the second straight day, with the leading meme coin jumping to a new monthly high of $0.08022 today.

Dogecoin was trading at around $0.077614 a piece at press time, up 16.7% over the past 24 hours. Trading volumes also spiked by 196% over the same period.

The move higher comes after Dogecoin fell sharply from its all-time high of $0.0855 on May 8th, with the coin tumbling as low as $0.058 within two days. Since then, however, Dogecoin has been on a tear higher, with the coin now up more than 38% from those lows.

On a weekly note, DOGE has gained more than 31%, the largest weekly gainer among the top 20 cryptocurrencies by market capitalization. The meme coin is now up more than 515% since the beginning of the year.

Dogecoin, the tenth-largest cryptocurrency with a market capitalization of $10.5 billion, is less than a billion dollars away from surpassing Solana (SOL).

Thanks Elon

The main reason behind Dogecoin’s bullish price action is likely Elon Musk’s recent announcements about his Twitter acquisition.

Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7

— Elon Musk (@elonmusk) October 26, 2022