On the 1st of November, Elon Musk, the new boss of Twitter, tweeted an Inu dog clothed in a Twitter t-shirt, after which the value of meme coins increased. According to data from CoinGecko, the value of famous meme coins, such as Dogecoin and Shiba Inu, have posted significant gains over the past 24 hours.
The new tweet from Elon, the CEO of Tesla and SpaceX, added more fuel to speculation that he would make DOGE the primary currency of Twitter. Elon continued its meme-coin rally on Halloween night, after which the value of DOGE increased.
According to data from CoinGecko, the value of Dogecoin has increased by over 29% over the past 24 hours. DOGE is currently trading at around $0.15 as of the 1st of November. However, over the past week, the value of Dogecoin jumped more than 159%.
Over the past week, Dogecoin beat layer-1 blockchains, Solana and Cardano in market capitalization. Over the past 24 hours, Dogecoin’s daily trading volume increased by more than 17% and clocked $136.7 billion. Now Dogecoin holds the 8th-largest cryptocurrency rank with a market capitalization of nearly $21 billion.
Despite these increases in DOGE’s values, it is still down over 80% from its all-time high of $0.731578, which it recorded in May 2021. According to data from CoinGlass, over the past 24 hours, more than $21.95 million worth of Dogecoin futures positions were liquidated. And the majority of liquidations came from blown-out short trades.
It was not only the DOGE who benefited from Elon’s tweets, but other meme coins also posted significant gains in their values. For example, Shiba Inu, the second-largest meme coin, increased by over 9% in value over the past 24 hours, as per data from CoinGecko. And it is currently trading at around $0.00001308.
Over the past 24 hours, the trading volume of Shiba Inu increased by over 13%, and in the past week, its trading gains were 30%, higher than leading cryptos Bitcoin and Ethereum. According to data from CoinGlass, over the same period, more than 60% of SHIB has been liquidated. SHIB stands at 13th rank with a market capitalization of $7.74 billion.