Why The Dogecoin And Meme Coin Rally May Not Be Over Just Yet
October 31 2022 - 1:00PM
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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. Related Reading: Can Elon Musk Influence The Next
US Election? 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. Related Reading:
Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach
New High 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 Follow Best Owie on Twitter for
market insights, updates, and the occasional funny tweet…
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