It’s been more than four days since Elon Musk completed a $44 billion deal to acquire Twitter and since then Dogecoin has come into mainstream attention. After the news was confirmed the meme coin spiked nearly six-month high and managed to break major resistance levels.
It’s been observed that during the last week, the meme currencies have been following the movement of Dogecoin as the meme king is enjoying its heyday. Other meme based currencies like Shiba Inu (SHIB) and Dogelon Mars (ELON) have also been seeing some positive moves.
The year 2022 has been the one of the most bullish for meme coins where the first meme currency gained double-digit. Even the market cap has doubled in this timeframe along with other meme coins flipping their positions upwards.
Dogecoin Leads The Meme Rally
In terms of ranking, Dogecoin has regained its 8th position leaving behind Cardano and Solana while Shiba Inu is at 13th position. Also Dogelon is at 135th position and Baby Doge Coin is ranked at 223rd
Now, as the month of October ends and we step into November, the crypto market continues to be volatile as most of the large cap cryptocurrencies are switching between red and green zones.
One of the main reasons for Dogecoin to gain its momentum is due to Elon Musk’s Twitter deal getting completed as he had announced earlier that if the deal gets completed Dogecoin will be accepted as payment for Twitter’s blue service. Now Elon Musk being the new Twitter CEO all the Dogecoin traders and investors are looking forward to what new plans will be implemented for DOGE.
If there is any positive impact on Dogecoin it will influence other meme coins’ price action which might gain new heights amidst overall crypto market volatility and downfall.
Source: https://coinpedia.org/altcoin/will-dogecoin-lead-the-meme-season-amidst-the-crypto-market-volatility/