Dogecoin jumps 29% as the Musk-fueled Meme rally continues

Same Doug, different CEO.

Top Meme Coins Dogecoin (DOGE) and Shiba Inu (SHIB) has made significant gains over the past 24 hours, per data from Queen Gekko.

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%.

Chart indicating the rise of Dogecoin after Elon’s tweet. source: Queen Gekko.

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.

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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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