After Elon Musk replaced the Twitter logo with the famous Dogecoin meme over the weekend, the price of meme coins significantly increased. DOGE led the rise with double-digit gains, reaching 26% in a short of hours. Yet, the meme coin with the largest market capitalization was not the only one to benefit from this. Other meme coins rapidly followed suit, providing investors during this time with huge returns.
Meme Coins See the Positive
Once Dogecoin began to rise, the meme coins were able to break apart from the rest of the crypto market. The meme coin recovered above $0.1 after Elon Musk’s tweet, and investors flocked to comparable assets to capitalize on the pump.
Consequently, additional meme coins, such as Shiba Inu, Floki Inu, and Dogelon Mars, have all witnessed massive gains during the past day. Floki Inu (FLOKI) has been the second-best performance throughout this period, trailing DOGE’s 26% jump. The meme coin has gained more than 10% in the last twenty-four hours and 16.70% on the weekly chart.
Dogelon Mars (ELON) is close behind with a daily gain of 7.41%. Amazingly, it surpasses Shiba Inu although SHIB is the second-largest meme coin in space. The Dogecoin competitor’s price increased by 5.75 per cent, bringing it back above $0.0000114.
Shiba Predator (QOM), which increased by 7.45%, is among the other stocks that have performed well over the past 24 hours. Baby DogeCoin (BabyDoge) was towards the bottom of the rally with a 2% increase, but it leads the pack on the 7-day chart with a 33% gain.
What Does The Future Have For Dogecoin?
Dogecoin is one of the leading gainers in the cryptocurrency market at present, with its price increasing further. In so far as Elon Musk has not yet changed Twitter’s logo to its original image, there is still a chance of a further surge, despite the fact that the price has already risen tremendously.
When Twitter loads on the web at the time of writing, it still displays the DOGE logo, as well as the same logo in the upper left corner of the page, where the Twitter logo is typically displayed. As a result, there is increased publicity for the cryptocurrency, which could push its prices even higher.
DOGE’s market capitalization has already reached $14 billion, placing it seventh on the list of top cryptocurrencies by market cap. It is currently trading at its peak point since December 2022, demonstrating extremely bullish tendencies as it climbed over its 200-day moving average.