Dogecoin is still riding the wave of the hype that came with the completion of the deal between Elon Musk and the social media platform Twitter. The meme coin had been able to rally towards six-month highs and broke several major resistance levels along the way. Even now, the rally in the price of the digital asset is expected to continue and in doing so, it will take the entire meme coin sector with it.
Meme Coins Follow Dogecoin
Over the last week, meme coins have stuck closely to Dogecoin’s rally. While the largest meme coin by market cap had been on the rise, its smaller counterparts had quickly followed. Cryptocurrencies such as Shiba Inu (SHIB) and Dogelon Mars (ELON) had seen good movement as well during this time.
The largest meme coins had recorded double-digit gains in what has arguably been the most profitable time for meme coins in 2022. Dogecoin’s market cap had more than doubled during this time and other meme coins had moved up the ladder in terms of their positions in the crypto market.
While Dogecoin had reclaimed the 8th position, beating out heavy hitters such as Cardano and Solana, Shiba Inu had also moved to take the 13th position. Dogelon Mars also moved in this time and now sits at 135th according to data from Coinmarketcap. As for Baby Doge Coin, it is currently ranked 223rd by the data aggregation website.
DOGE price at $0.122 | Source: DOGEUSD on TradingView.com
Meme Coin Season Not Over
Now, going into the new week, there has been some lull in the crypto market. This is obvious given most cryptocurrencies are in the red in the last 24 hours since the weekend had come with low momentum and low volatility. However, even though the general crypto rally might be looking at an end, it may not be so early for meme coins.
Obviously, the reason for the Dogecoin rally that led to meme coin season was Elon Musk’s Twitter acquisition, and this is despite the fact that the billionaire is yet to lay out his plans for the meme coin and how it fits into his grand plan for Twitter.
Musk had previously proposed the idea of adding DOGE to the Twitter “Tip Jar” feature to make it possible for users to tip creators with the meme coin. If this remains part of Musk’s plan now that he is Twitter’s boss, then there is expected to be an even bigger (positive) response from DOGE to this news.
Naturally, as Dogecoin rises, so will the rest of the meme coins given what has been witnessed in the market already. So despite the slowdown, there may still be more upward movement in the future of these meme coins.
Featured image from Analytics Insight, chart from TradingView.com
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