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Hey he did it again! Elon Musk pumps Dogecoin and Co again: After the Tesla boss replaced the Dogecoin symbol with the Twitter logo, many meme coins went through the roof, including: Dogecoin, Shiba Inu, Tamadoge, Floki Inu, Dogelon Mars and others! DOGE was able to lead the rally with double-digit gains, up 26% in a matter of hours. But the profits of the other coins are also impressive. Should you buy meme coins now?
Elon Musk pumps meme coins: Dogecoin, Tamadoge and Co. explode
As before, Twitter does not display the Twitter logo on desktop clients, but Dogecoin. Elon Musk quickly changed the logo for Dogecoin’s. The change is still a big deal, even the official Amazon Prime Video Germany account gets the strange move:
— Prime Video UK (@PrimeVideoUK) April 4, 2023
On the back of Musk’s dogecoin endorsement, numerous meme coins have set themselves apart from the rest of the crypto market. Elon Musk’s tweet sparked a crowd above $0.1 for the meme coin, and investors flocked to alternative assets, presumably for a piece of the pie.
The result: Other meme coins such as Shiba Inu, Tamadoge, Floki Inu or Dogelon Mars have also risen significantly in the last few days. Second best performer near DOGE’s 26% price explosion: Floki Inu (FLOKI). The meme coin is up more than 10% in the last 24 hours, posting a 16.70% gain on the weekly chart.
Close behind are Dogelon Mars (ELON) up 7.41% and Tamadoge (TAMA) up 7.33% over the 24 hour period. Interestingly, both Dogelon Mars and Tamadoge are ahead of Shiba Inu, despite SHIB being the second largest meme base in this space.
Rival Dogecoin only saw a 5.75% gain, taking its price back above $0.0000114. However, SHIB is currently taking a break and is facing minus 0.01%.
Other meme coins have done well in the past 24 hours, including Shiba Predator (QOM) up 7.45% and Baby Doge Coin (BabyDoge) up 2%. On the weekly chart, BabyDoge could even gain 33%.
What’s next for Dogecoin?
Dogecoin is still on an uptrend, analysts think more gains are possible despite the strong rally. As mentioned, Elon Musk hasn’t always changed the Twitter logo – the Dogecoin icon can still be seen.
In other words: Twitter is still advertising the cryptocurrency to its millions of users – and that could drive not only Dogecoin further up, but also alternative, upcoming meme coins, such as Tamadoge (TAMA) or the meme coin new, still in pre-sale Love Hate Inu (LHINU).
Consider how quickly Musk has driven Doge towards all-time highs: the price of Dogecoin is now at its highest level since December 2022 and is showing very bullish trends. Will meme coins make some investors millionaires again in 2023?
Text credit: Bitcoinist
Last updated on April 5, 2023
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