Twitter CEO Elon Musk’s decision to change the social media platform’s logo to a Shiba Inu dog has sent shockwaves through the crypto community. Dogecoin, the largest meme coin, saw a 30% rally after the change, breaking through key resistance levels and reclaiming December highs of around $0.107 before experiencing a brief reversal.
The surge in Dogecoin price caused it to briefly overtake Cardano (ADA) as the seventh largest crypto by trading volume. However, the hype surrounding the change in Twitter’s logo has since cooled, and the price of Dogecoin has retreated to $0.091 at the time of writing.
Despite the decrease in price, the recent uptick in Dogecoin has sparked new discussions about the potential for a new rally among dog-themed crypto tokens. If the breakout for Dogecoin price sustains, it could inspire new hype around dog-inspired tokens, causing meme coins to rally.
Elon Musk’s support for Dogecoin has been a major factor in the crypto’s rise in popularity, and his latest move has reignited interest in the meme coin. This development could potentially pave the way for new dog-themed tokens to emerge and gain popularity in the crypto space.
