The value of the meme-inspired cryptocurrency Dogecoin (DOGE) soared shortly after Twitter’s board agreed to Elon Musk’s $44 billion bid to buy the company, effectively handling control of the microblogging platform to the CEO of Tesla and SpaceX.

In a statement, Bret Taylor, Twitter chair, said the board “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” and added:

“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Twitter shareholders will now receive $54.2 in cash for each share of Twitter common stock they own as Musk’s offer represented a 38% premium to the company’s closing price at the beginning of the month. If completed, it will be one of the largest leveraged buyouts in history.

Musk is a well-known supporter of Dogecoin, who has collaborated with developers to improve the cryptocurrency. Along with DOGE’s co-creator, Musk has pushed for McDonald’s to accept payments in the meme-inspired cryptocurrency and has hinted SpaceX – a company he also owns – could soon accept payments in DOGE.

His electric car maker, Tesla, accepts DOGE payments on its website for specific products such as its “cyberwhistle,” its “Giga Texas” belt buckle” and its “cyberquad” four-wheeler for kids.. Musk has suggested Twitter could use DOGE as a means of payment.