Meme coins are attracting the attention of investors in recent times. In terms of market capitalization, it holds the position of being the largest meme coin too. Despite its top-notch performance in the past, the value of this coin was down by more than 50% during the start of 2022. But after the acquisition of Twitter by Elon Musk, the coin is at the center of attention once again! For Crypto trading and investment, log on to https://www.bitcoinstrader.pl/.
After the confirmation of Elon’s takeover of Twitter, Dogecoin spiked up. The coin is breaking all the main resistance levels and facing the highest spike of around six-month. During the first week of November as well, the other meme coins are following the pattern of the king meme coin, Dogecoin. Apart from DOGE, SHIB and ELON are moving in a positive pattern during this situation.
Though this entire year has been a bullish trend for Crypto and meme coins, Dogecoin is the first meme coin to soar high on two digits. Also, the market capitalization of this currency is going high in this period. With this, other tokens of this category are experiencing a similar rise in their condition. It seems that DOGE is leading the entire meme season amidst the bullish trend of the Crypto industry!
The Journey Of Dogecoin
The birth of Dogecoin took place back in 2013 and it was the advent of meme coins as well. This meme coin is dog-themed and was released as a better substitute for Altcoins. Also, the developers wanted these coins to have a similar success pattern to that of BTC.
Dogecoin was released as and thought to be a mere joke in the market. Also, it was assumed that such coins will never experience any success. But the situation turned when its popularity increased. A major reason behind this rising popularity is its availability at lower rates. It became quite affordable for everyone out there to carry out smaller transactions.
The price of this currency went higher last year as the Crypto market started to rally. With this, the popularity of the token surged and this led to the development of other dog-themed meme coins. When it went on building a huge community, the developers left this project and there was a pause in the development of this protocol. Later, this coin faced much of its hype due to the viral tweet of Musk supporting this coin.
Dogecoin Is Leading The Meme Rally
If you see the ranking of Dogecoin, it is in the 8th position at present. Also, Dogecoin is ahead of Solana and Cardano as well in terms of position. Shiba Inu is maintaining a position of 13th in this list and Dogelon is in the 135th position. And, Baby Dogecoin holds the 223rd rank.
Also, with the advent of November, the Cryptocurrency industry continues amidst high volatility. Also, many dominating Cryptos are moving between red to green zones. In this situation too, Dogecoin is attracting hype around it. The credit goes to the Twitter deal of Musk and his acquisition of the platform.
Before acquiring Twitter, he announced adding Dogecoin as an in-built payment option on the platform. Also, Musk stated that it will be a payment method for the blue service of the platform.
As he is the present CEO of the platform and the owner as well, enthusiasts are waiting for the addition of Dogecoin as a payment option. Also, it will be worth watching the new addition of plans relating to Dogecoin on Twitter.
If these changes positively affect Dogecoin, then the coin will rise higher. With its success, the other meme coins will follow a similar pattern and achieve new heights.
Conclusion
Despite the high volatility of the Cryptocurrency industry, where dominant coins are facing downfall, Dogecoin is showing signs of success. This is the case right after the acquisition of Twitter by Elon Musk who supports this meme coin.
Also, this coin may now be added as a payment option for availing of the blue services of this platform. And, with the ongoing positive changes for Dogecoin, it may lead the other meme coins toward success too!