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Memecoin Madness: Since Elon Musk completed the acquisition of Twitter, memecoins have taken over
On the 14th anniversary of the whitepaper’s publication, Bitcoin fell to $20,000 but quickly recovered and held its ground. The memecoins have dominated the altcoin market, with Dogecoin rising by 25% to a new local high and other coins, including SHIB, following suit. The price of Dogecoin has been rising ever since Elon Musk installed a sink in the Twitter offices before buying the social media platform. On October 25, the original memecoin was trading at $0.06 before surging to almost $0.1 over the weekend. However, after a 15% daily spike, the bulls are back at it, driving DOGE up once again to a fresh multi-month high of nearly $0.15. It’s important to note that a number of other memecoins have done the same. Over 8% has increased in the previous 24 hours for Shiba Inus. The likes of Floki Inu and Baby Doge Coin have demonstrated gains that are comparable to and even more astounding. Another notable riser is Binance Coin. BNB is now close to $330 after daily value growth of another 5%. Uniswap has surpassed $7 and is up by a comparable proportion. While Solana, MATIC, and Polkadot have significantly retraced, Ethereum, Ripple, Cardano, Tron, and Avalanche are also up.
Some claim that 2021 was a “dogs” year for cryptocurrency. Dogecoin (DOGE) and Shiba Inu (SHIB), two canine cryptocurrencies, took the lead among meme coins and saw their prices and market value soar. As of November 2021, DOGE has increased by nearly 8,000% from the start of the year and is ranked #9 on CoinMarketCap by market capitalization. Since January, SHIB, a rival company, has increased by more than 60,000,000%. Meme coins are digital currencies that get their inspiration from the Internet and social media jokes and memes. Dogecoin was the first meme currency produced (DOGE). A Japanese Shiba Inu dog meme known as Doge served as the basis for the 2013 parody DOGE.
Meme coins frequently exhibit considerable volatility. They are primarily driven by the community and can become well-known overnight as a result of FOMO and online community recommendations. However, when investors start looking at the next meme coin, their price may suddenly drop. Another characteristic of meme money is that its supply is either enormous or limitless. The fact that meme coins often only cost a few cents or even a fraction of a penny is another factor that makes them appealing to retail investors. Technically, the low price is meaningless because there is a massive supply of these coins. Even Nevertheless, possessing millions of a particular meme coin feels different than possessing a tiny amount of ETH or BTC. With just a few bucks, traders can obtain thousands or even millions of DOGE and SHIB.
Although not as impressively as DOGE, the main cryptocurrency has also performed strongly over the past week. Last Tuesday, it increased from $19,000 to over $20,000, and it hasn’t looked back since. The price even increased to $21,000 on two consecutive instances, the most recent of which occurred on Saturday and marked the highest level since September 13. The bears, however, halted the maneuver and drove BTC south. The asset consequently dropped below $20,500 and edged closer to $20,000 yesterday. However, it was able to hold that level and is currently standing at a comfortable $20,500.
Despite this surge, traders should exercise caution because these four events will take place during the next 10 days. Its market valuation has already dropped to $395 billion, and its dominance over the altcoins is at 38.5%, down more than 1.5% in the past week.