Dogecoin continues to ride the excitement from the Elon Musk-Twitter deal. Meme coin was able to rise towards 6-month highs, breaking several resistance levels. The rally in digital assets’ prices is likely to continue, and it will bring the whole meme coin industry with it.
Dogecoin Meme Coins
Over the last week, meme coins have stuck closely to Dogecoin’s rally. The market capitalization of the biggest meme coin had been rising, but its smaller counterparts were catching up. This time, cryptocurrencies like Shiba Inu and Dogelon Mars had also seen positive movement.
In what is arguably the most lucrative period for memes in 2022, meme coins that are large had experienced double-digit growth. 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.
Dogecoin reclaimed 8th place, beating out Solana and Cardano. Shiba Inu moved also to claim the 13th. Coinmarketcap data shows that Dogelon Mars has moved to 135th place. Baby Doge Coin currently ranks 223rd on the data aggregation website.
Price of DOGE at $0.122 | Source: DOGEUSD on TradingView.com
Meme Coin Season Not Over
The crypto market has seen some weakness as we enter the week. Given that most cryptocurrencies have fallen in value in the 24 hours following a weekend of low volatility and momentum, this is no surprise. But, the rally in crypto may seem to be over, but meme coins might still be on their way.
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.
Given the current market trends, Dogecoin will rise, and so will all the other meme coins. Even though the market is slowing down, these meme coins could still see further upward mobility in the future.
Featured image taken from Analytics insight. Chart from TradingView.com
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