Dogecoin is currently at the helm of the crypto market’s recovery, with the price hitting $0.0945 on Monday, in the aftermath of the FTX collapse.

The meme coin has risen 25% over the last week, according to Coingecko data.

The Dogecoin price surge followed comments from Twitter owner Elon Musk confirming plans to integrate payments into the so-called Twitter 2.0, leading to a 19.4% increase in the cryptocurrency from $0.089 to $0.107 in a matter of hours after Musk’s comments. At the time of writing, the price fell to $0.096.

Reports suggest that within 24 hours, there was an 84% increase in the trading volume of DOGE. Over the past 30 days, Dogecoin hit $0.1572.

There were rumours last month surrounding Twitter’s crypto wallet plans, saying work is underway on a prototype supporting crypto deposits and withdrawals. This resulted in a Dogecoin 40% price surge at the time, Cointelegraph reports. Should Musk announce DOGE as a means of payment on Twitter, it will likely increase the meme coin’s price further.

However, according to the co-founder of blockchain software firm Jelurida, Lior Yaffe, the integration of Dogecoin onto the Twitter platform may not be wise: “Even if they do manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from with regards to security, privacy, smart contracts and scaling.”

Whereas Daniel Elsawey, CEO and co-founder of TideFi, also told Cointelegraph that although the integration of DOGE is possible, its usage on the social media platform would be limited to payments: “Given that DOGE cannot directly interact with smart contracts as part of its original design, I would say that unless it’s specifically used as an option for payment, the use cases associated will continue to remain speculative.”