The billionaire investor and new head of Twitter, Elon Musk, tweeted an Inu dog wearing a T-shirt.
Elon’s new tweet adds more fuel to speculation it will Manufacture DOGE is Twitter’s base currency, fueling the meme-coin rally on Halloween night.
DOGE has gained more than 29% in the past 24 hours and is trading at around $0.15, according to data from Queen Gekko. On the weekly note, DOGE jumped more than 159%.
Dogecoin’s daily trading volume reached $136.7 billion, up 17.74% over the same period.
With a market capitalization of nearly $21 billion, DOGE is now the eighth largest cryptocurrency. Over the past week, the dog cryptocurrency has overtaken the Layer 1 blockchain Cardano (ADA) and Solana (SOL) in market value.
Despite the weekly tournaments, the coin is still 80.1% lower than its all-time high of $0.731578 in May 2021.
Dogecoin futures positions worth over $21.95 million have been liquidated in the past 24 hours, according to data from Coinglass.
The majority of liquidation (64.75%) came from short positions.
SHIB benefits from DOGE
The second largest meme, Shiba Inu (SHIB), is also up 9% in the past 24 hours and is trading around $0.00001308, per data from Koenigku.
SHIB also enjoyed a modest 13% jump in trading volumes over the same period. In the weekly note, SHIB stock rose 30.8%, higher than the leading cryptocurrency Bitcoin (BTC) and Ethereum (ETH).
Nearly 60% of SHIB’s short positions worth approximately $316,620 were liquidated during the same period, according to data from Coinglass.
With a market capitalization of $7.74 billion, SHIB is the 13th cryptocurrency.
Over the past week, the cryptocurrency market cap has remained above $1.02 trillion. Bitcoin and Ethereum traded sideways with gains of a meager 0.50% and 0.38% over the past 24 hours.
Tomorrow’s US Federal Reserve meeting is likely to decide whether the meme-fueled rally in Musk can continue or if it’s just a dead cat bounce.
The opinions and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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