• Elon Musk’s tweet triggered a rally in meme coins, with DOGE leading the market by 26%.
• Other meme coins followed suit, returning significant gains for investors.
• Shiba Inu (SHIB), Floki Inu (FLOKI), Dogelon Mars (ELON) and Shiba Predator (QOM) were among the top gainers.
Elon Musk Triggers Meme Coin Rally
Over the weekend, meme coins rallied hard after Elon Musk changed the Twitter logo to the famous Dogecoin meme. DOGE lead the rally with double-digit gains, climbing as high as 26% in a matter of hours.
Meme Coins See Upside
The meme coins were able to break out from the rest of the crypto market once Dogecoin began to rally. As a result, other meme coins such as Shiba Inu, Floki Inu, and Dogelon Mars have all seen significant upside in the last day. Trailing alongside DOGE’s 26% rise, Floki Inu (FLOKI) has been the second-best performer during this time. The meme coin is up more than 10% in the last 24 hours and is seeing gains of 16.70% on the weekly chart. Dogelon Mars (ELON) follows closely behind with a 7.41% rise in one day. Interestingly, it is ahead of Shiba Inu in this regard despite SHIB being the second-largest meme coin in the space. The Dogecoin rival only saw a 5.75% rise to bring its price above $0.0000114 once more..
Other Meme Coins Benefit
Others that have also done well in the 24-hour period include Shiba Predator (QOM) which rose 7.45%. Baby Doge Coin (BabyDoge) came out on the low end of the rallies with only a 2% increase but is ahead of the rest on the 7-day chart with a 33% increase..
What’s Next For Dogecoin?
Dogecoin is still seeing good upside and is one of the top gainers in the crypto market currently. Even after rising so much already, there is still possibility of another rally given that Elon Musk has yet to change back Twitter logo image..
Conclusion
Meme coins had an impressive recovery this past weekend due to Elon Musk’s tweet about Dogecoin; other cryptocurrencies also experienced large gains due to this eventful news cycle and it will be interesting to see how these markets progress from here on out!