Dogecoin, the popular memecoin, has surpassed Cardano (ADA) in market capitalization thanks to a surge in price fueled by Twitter’s new Doge logo. The largest memecoin witnessed its longest one-day green candle on Monday since late October 2022. It was priced above $0.09972 and recorded a 27.63% price surge in the last 24 hours.
Making it overbought with its RSI above 70, sending strong sell signals to traders.
Elon Musk-induced pro-Doge campaign
The Elon Musk induced pro-Doge campaign on Twitter has been a significant reason for Dogecoin’s recent price surge and new highs since last December. The recent transformation of Twitter’s logo to the Doge meme has further added to the hype around the meme coin. The market cap of DOGE hit its 3-month high of $14.11 billion, surpassing Cardano’s market capitalization.
Dogecoin Whale transactions
Whale transactions linked to Dogecoin are picking up new momentum, with a transaction of 300 million DOGE tokens worth $29,354,400 being detected by the crypto whale tracker Whale Alert in the last 12 hours.
Shiba Inu (SHIB), BABYDOGE, and FLOKI
Other memecoin rivals and relatives of Dogecoin, including Shiba Inu (SHIB), BABYDOGE, and FLOKI, have also witnessed notable price spikes. After the new Twitter Doge logo.
SHIB surged over 6.8% in the last 24 hours to trade at $0.00001145, BABYDOGE spiked 7.5% to hit $0.0000000028, and FLOKI’s price hit $0.000037 by recording an 11.3% surge in 24h.
Dogecoin’s rapid price rise
While Dogecoin’s rapid price rise may seem like a short-term trend driven by social media hype and market speculation.
It is undeniable that the memecoin has gained significant attention and momentum in recent years. The memecoin’s surge in popularity has even led to speculation that it may follow a similar trajectory as Ethereum’s DeFi boom in 2021.
However, it is important to note that the memecoin market remains highly volatile and unpredictable. Meme coin prices subject to sudden and sharp fluctuations. Traders and investors should exercise caution and do their research before making any decisions.