Over the weekend, meme coins rallied hard following Elon Musk’s Twitter logo change to the famous Dogecoin meme. The rally was led by DOGE with double-digit gains, climbing as high as 26% in a matter of hours. However, it wasn’t just the largest meme coin by market cap that benefited from this. Other meme coins quickly followed suit, returning significant gains for their investors during this time.
The meme coins were able to break out from the rest of the crypto market once Dogecoin began to rally. Elon Musk’s tweet triggered a recovery above $0.1 for the meme coin, and investors flocked to similar assets to take advantage of the pump. As a result, other meme coins such as Shiba Inu, Floki Inu, and Dogelon Mars have all seen significant upside in the last day.
Dogecoin is still seeing good upside and is one of the top gainers in the crypto market currently. Even after rising so much already, there is the possibility of another rally given that Elon Musk is yet to change the Twitter logo back to the original image. Given this, there is more publicity going on for the cryptocurrency which could drive it up further.
DOGE’s climb above $0.1 has now seen its market cap rise to $14 billion, claiming the 7th place on the list of largest cryptocurrencies by market cap. It is now sitting at its highest point since December 2022, showing incredibly bullish tendencies as it rose over its 200-day moving average. The surge in meme coins is a testament to the power of social media and its impact on the crypto market.
