Last week, the market jumped back up with positive sentiments flashing all over the Bitcoin chart. Read more about it on our last week’s Bitcoin market wrap. One of the leading altcoins to bounce back up was Dogecoin (DOGE).
One of the major news that contributed to the rise of DOGE was Elon Musk, the genius, billionaire tech-preneuer acquiring Twitter.
Dog-Coins Back on the Scene
The news of the acquisition spread wide and fast around Crypto Twitter, bagging Musk 6 million more followers to his already massive 110M Twitter following.
It is no secret that Elon Musk loves Dogecoin and plans to add more utility to it. And therefore, it was no surprise that the cryptocurrency took off on this news. DOGE rose by 138% to reach a peak high of $0.1416
The rise of DOGE prompted other Dog-based meme coins to start sky rocketing. Some of them include:
Dogechain: +366% in the last 14 days
Shiba Inu: +29% in the last 7 days
Additionally, new dog-based meme coins started popping up everywhere, posting massive gains. For example, after CZ, founder of Binance posted a tweet with the word “a Twoge”, a meme coin of the same name Twoge Inu ($TWOGE), rose by 20,600% in 24 hours.
Following the unexpected rise of TWOGE, other meme coins surrounding the merge of Dogecoin and Twitter flocked to the space. The other Doge-Twitter memecoins that made some significant gains is $TWOKI
Final Thoughts
While meme coins are a fun way to participate on the blockchain and are part of the community, it is good to exercise caution. The $TWOKI chart above is a good example of why. After posting +4900% gains, the early buyers (most likely the founders) dumped the tokens on the new buyers who FOMOed into the token.
Mem coins can give you insanely high returns, but invest only what you can afford to lose.