Dogecoin is up 16% to trade at $0.0768 on Thursday as Elon Musk closes in on the Twitter acquisition deal expected on Friday. The largest meme coin, which boasts $10.56 billion in market capitalization, saw its volume burst to $2.26 billion as investors and traders beamed with hope for a potential rally to $1.

The world's richest man, Elon Musk, has vowed to complete the acquisition of Twitter Inc. by Friday this week. According to Bloomberg, Musk revealed his plan in a video call with a team of bankers, aiming at fast-tracking the process.

People familiar with the details of the conference call claim that a $13 billion debt financing facility has been gathered from selected banks. A credit agreement has been prepared and awaiting relevant signatures before the cash is wired to Musk.

Twitter, Inc (TWTR) shares sprouted as investors reacted to the news and exchanged hands at $53.92, just a few cents short of Musk's $54.20 acquisition price.

Investors are waiting with bated breaths due to Elon Musk's unpredictable behavior. Notably, just a few weeks ago, the billionaire wanted to opt out of the $44 billion deal.

Dogecoin price tagged intraday highs of $0.0809, a level it had not touched for almost ten weeks. The daily chart reveals that the bulls are squarely in control, even though DOGE has retreated to $0.0764 at the time of writing.

Looking at the OBV (On Balance Volume) indicator, a spike in buying volume is positively backing the relief rally. It is worth mentioning that most crypto assets trimmed mid-week gains, like in the case of Binance Coin (BNB), down 0.2%, and Polkadot (DOT), down 1.4%.

The 200-day SMA (Simple Moving Average) (in purple) now stands in the way of Dogecoin reaching the much-coveted $1 level. A