Dogecoin Jumps 29% as Musk-Fueled Meme Rally Continues

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Same Doge, different CEO.

Top meme-coins Dogecoin (DOGE) and Shiba Inu (SHIB) have posted significant gains over the past 24 hours, per data from CoinGecko.

Billionaire investor and Twitter’s new chief, Elon Musk, tweeted an Inu dog clothed in a Twitter t-shirt.

Elon’s new tweet adds more fuel to speculation that he will make DOGE the primary currency of Twitter, furthering the meme-coin rally on Halloween night.

DOGE has gained over 29% over the past 24 hours and trades at around $0.15, according to data from CoinGecko. On a weekly note, DOGE has jumped more than 159%.

Chart indicating dogecoin rallying post Elon’s tweet. Source: CoinGecko.

Dogecoin’s daily trading volume clocked $136.7 billion, up 17.74% over the same period. 

With a market capitalization at nearly $21 billion, DOGE is now the 8th-largest cryptocurrency. Over the past week, the canine crypto has beat layer-1 blockchains Cardano (ADA) and Solana (SOL) in market capitalization.

Despite weekly heroics, the coin is still down 80.1% from its all-time high of $0.731578 recorded in May 2021.

Over $21.95 million worth of Dogecoin futures positions were liquidated over the past 24 hours, per data from Coinglass

The majority of liquidations (64.75%) came from blown-out short trades.

SHIB benefits from DOGE

The second-largest meme coin, Shiba Inu (SHIB), is also up 9% over the past 24 hours and trades at around $0.00001308, per data from Coingecko.

SHIB also enjoyed a modest 13% jump in trading volumes over the same period. On a weekly note, SHIB gained 30.8%, higher than leading cryptos Bitcoin (BTC) and Ethereum (ETH).

Nearly 60% of SHIB short trades worth nearly $316,620 has been liquidated over the same period, suggests data from Coinglass.

With a market capitalization of $7.74 billion, SHIB is the 13th-largest cryptocurrency. 

Over the past week, crypto market capitalization has stayed above $1.02 trillion. Bitcoin and Ethereum have traded sidewise with meager 0.50% and 0.38% gains over the past 24 hours. 

Tomorrow’s U.S. Federal Reserve meeting will likely decide if the meme coin rally fuelled by Musk can sustain or is just a dead cat bounce. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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