- Elon shared a Tweet of his dog Floki as the new Twitter boss.
- DOGE gained 5.766%, SHIB 4.46%, and FLOKI was up by 36.59%.
A tweet from an influential person regarding something garners attention towards it. Elon Musk is considered a dogefather and has repeatedly shown his love for the dog-themed meme coin. His recent tweet, which shows Floki, his dog portraying him as the new Twitter boss, caused a stir in the prices of DOGE, SHIB and FLOKI.
At the time of writing, DOGE was trading at $0.08649 with a jump of 5.76%, while its value against Bitcoin rose by 4.07% to 0.000003899 BTC. The market cap of beloved memecoin gained 5.76% to $11.4 billion; at the same time, its volume massively gained 107.34% to $771 million in the last 24 hours. Ranked at 9, proudly shares the market dominance of 1.11%.
The chart shows the price moving up to a soft resistance point and might cross it to move upwards further. It would consolidate between the line and resistance for a while before continuing upward.
At the time of writing, SHIB was trading at $0.00001301 with a gain of 4.46%; its value against Bitcoin gained 2.77% to be 0.000000000586 BTC. The market cap of DOGE rival jumped by 4.47% to $7.14 billion; at the same time, its volume gained 60.88% to $391 million in the last 24 hours. Ranked at number 13, shares a market dominance of 0.69%.
The price can be seen moving toward the supply zone, and if the trend continues, it might respect its lower limits. But it is expected to consolidate for a while, slightly moving upwards before breaking into the supply zone.
FLOKI came out to be a winner in this; at the time of writing, it was trading at $0.000003119 with a gain of 36.59%, and its value against Bitcoin gained massively by 35.31%. The market cap of canine-themed memecoin is up by 36.47% to $278 million; at the same time, its volume rose by 465.28% to $80.4 million in the last 24 hours. Ranked at number 221, it does not have market dominance yet.
The price rise can also be connected to the Floki Inu DAO group, where governance passed a resolution to burnt tokens worth $100 million, increasing scarcity. Logically burning decreases supply and adds value to each existing coin, thereby increasing its demand.
The massive gains hint that the price might break the trendline soon and break through the supply zone trying to meet the price range from last year. However, a huge candle like this is often followed by a retracing pattern, where the price corrects itself before deciding a direction to go to.
Santiments December 2022 report suggests that massive outsized gains in DOGE and meme coins like SHIB are initial signs hinting at a market-wide selloff, as such has been the case many times in history. Also, the saying goes, “The faster you rise, the harder you fall.”
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/15/elon-again-hyped-the-canine-crypto-coins-with-doge-themed-tweet/