While Bitcoin is depreciating again after its recovery, the dog-logoed cryptocurrency that started out as a meme is exploding. Many don’t quite see this as a figurehead in the cryptocurrency space. Meanwhile, Dogecoin enthusiasts were delighted by the lucrative profits.
Elon Musk pushes dog coins
At these times, percentages exceeding 15% or more in a day are considered exceptions. But such a move has long been normal for a market made up of volatile cryptocurrencies. However, if memecoins are doing better than most other cryptocurrencies, it’s worth taking a closer look. This consideration cannot fail to mention PayPal founder, Tesla boss and space pioneer Elon Musk.
Musk’s Twitter deal primarily affects Dogecoin, which some are trading as the future Twitter currency. Over the past few days, both the discussion about it and DOGE itself have gained new material. Cardano founder Charles Hoskinson tweeted that now that Musk is the Twitter boss, he thinks it’s time to integrate DOGE into the social media platform.
Now that Twitter is in the hands of @elonmusk, I can see the real possibility of Dogecoin merging with the platform in some way.
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
Musk’s Halloween tweet showing his puppy Floki wearing a Twitter T-shirt also sparked controversy. The “Dogecoin to the Moon” review garnered thousands of likes, showing just how exciting Dogecoin enthusiasts are today. In this case, “Floki to Valhalla” would be the appropriate term.
— Elon Musk (@elonmusk) November 1, 2022
But not only Dogecoin (DOGE) is up 159% over the past week, according to Coin Gecko. Other Dogecoins also offer real dog racing. Among the TOP 10 cryptocurrencies, Shiba Inu (SHIB) rose 36% on a daily basis to become the 10th largest cryptocurrency.
Memecoin Tamadoge was last traded at $0.040. That’s almost 140% above the lows in October of this year. The coin has a market cap of over $1 billion.
Shiba Inu is an imitation of Dogecoin, itself an imitation of Bitcoin, and it jumped to the top 10 cryptocurrencies. The first of its kind, Dogecoin is up 30% on a daily basis and nearly 160% on a weekly basis. How can this be explained?
What are the dogs doing?
The fact that memecoin is so high in the cryptocurrency rankings cannot be explained without intentional or unintentional influence, such as the influence of Elon Musk in the case of Dogecoin. Over the past year, he has pushed Bitcoin several times by tweeting about Bitcoin mimicking DOGE. At one point it even went as high as 77 cents.
The connection between tweets and other public statements from big names on the scene and the price of the corresponding coin is clear. A high price increase can also be observed when a Tesla boss buys a puppy, for example. Of course it was a Shiba Inu. The cryptocurrency of the same name exploded immediately. When he announced that he was naming the puppy Floki, a new coin with that name was also launched and skyrocketed.
There are many such Dogecoins now, some of which are directly or indirectly related to Musk. In addition to the aforementioned memecoins Dogecoin (DOGE), Shiba Inu (SHIB) and FLOKI, these also include TAMADOGE and Twoge Inu. ($TAMA) is the latest Dog on the Block”, as the Tamadoge website says, it’s built on Ethereum, and like many memecoins, can be purchased on PancakeSwap.
Twoge Inu takes it to the extreme when referring to Elon Musk, describing himself as “the best Elon Musk (TWITTER + DOGE) meme token.” The chart can be seen on PooCoin, a site that, like memcoins, has been given a non-serious name.
These tokens rely heavily on Musk’s statements and comments from cryptocurrency influencers. The community’s reaction is immediate, and the corresponding price movements are often drastic. Representatives and fans of projects like FLOKI are hungry for attention. Due to this dependency and the low severity of such coins, its situation cannot be predicted.
Buy TAMA Coins Now The Impact of Musk’s Dogecoin Buying on Twitter
A meeting between Musk and Twitter employees leaked information about the content of the talks. For example, in a meeting before the Twitter deal, Musk was rumored to stress that “it would make sense to introduce payments on Twitter.” Musk is said to have complained about a flood of spam tweets and bots. But the bottom line for the “dog race” is that Musk’s unsubstantiated claims about Twitter fees, as expected, can be paid in Dogecoin.
Not only in the Dogecoin space, but Musk’s plan to protect free speech from any regulation has been hotly debated. He wanted to “free the bird”. This means that certain Twitter rules (for example, designed to protect users from offensive or harmful content) may be lifted.
The first step towards “liberation” may be the release of the Twitter algorithm. Twitter as open source – which certainly meets the expectations of the cryptocurrency community for a decentralized, freely accessible social network. And since Bitcoin and companies are also following an open approach, circles from cryptocurrencies to Musk and Twitter are closed again.
With no such changes implemented so far, Musk tweeted “The Bird is freed.” on October 28, meaning Twitter’s purchase was complete at that moment. But it can also be understood that the liberation of birds has just begun. Such changes to the Twitter platform have not been officially announced.
the bird was released
— Elon Musk (@elonmusk) October 28, 2022
As such, it’s unclear if and when the items punctured by Musk’s statements and internal discussions will be followed by new Twitter owners and implemented by employees. On the other hand, Dogecoin, Shiba Inu, Loki and Co. will apparently remain part of the cryptocurrency space.
It’s also clear that dogecoin enthusiasts, no matter how serious you are about the corresponding memecoin, pay close attention to everything that could have an impact on the price. Under no circumstances can it be denied that they study and pay attention to the smallest news and rumors in the industry.
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Source of information: compiled by 0x information from KRYTOSZENE, the copyright belongs to the author Sebastian Schuster, and may not be reproduced without permission