One such example is Dogecoin (DOGE), the most significant meme token, which continues to remain in the news thanks to the push from Elon Musk, fondly known as the ‘Doge Father’ by the masses.
The token has rallied over 13 per cent in the last 24 hours to $0.07768 from $0.06858, the data from Coinmarketcap suggested, with its market cap scaling more than the $10.3 billion mark.
The volumes of the token surprised the investors as Dogecoin, worth more than 1.18 billion, exchanged hands in the last 24 hours, up by 195 per cent in the slated time.
Dogecoin is based on the famous “Doge” Internet meme and features a Shiba Inu as its logo. Dogecoin’s creators envisaged it as a fun, light-hearted crypto token.
Arijit Mukherjee, Founder, the Yunometa, said that Dogecoin has rallied mainly because of Musk’s supportive tweets.
There have also been reports of Twitter experimenting with crypto payments once Musk’s acquisition goes through, which is driving the rally, he added. “We have seen these kinds of rallies with the token earlier as well.”
The recent surge comes following Musk’s comments at Qatar Economic Forum in Doha last week, showing his support for the coin. However, the rally doesn’t signify that the worst is over for cryptos, caution market experts.
The market has always reacted a lot to Elon Musk’s tweets in favour of the token for a long time, said Edul Patel, Co-Founder and CEO, Mudrex.
With this, DOGE has been trying to regain its footing after an extensive market-wide crypto crash attaining gains over the past seven days, Patel added.
Dogecoin has been in good demand lately. During the Russia-Ukraine war, the token gained immense popularity when Ukraine started accepting DOGE donations.
Some experts, who wish to stay anonymous, fear that the token is becoming the top digital asset or the most popular name on the dark web, and investors need to be cautious about it.
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