cipher villain Elon Musk He tweeted a picture of a Shiba Inu puppy in the front trunk of a Tesla, with the caption “Floki Frankpuppy. “
Although many have assumed that Musk’s influence on cryptocurrencies has diminished since the bitcoin eruption in May, today’s tweet shows that he still wields a significant amount of leverage when it comes to digital assets.
Doge-inspired tokens soared in the tweet. But when analyzing the price gains, it is interesting to note that Dogecoin has fallen far behind the army of clones that emerged in an attempt to usurp the original.
What does this suggest?
Cryptocurrency meme is on the rise
The Doge-themed cryptocurrency saw price gains after Elon Musk tweeted a photo of a recently acquired puppy.
Surprisingly, the losing token $SHIB tops the list of the top 100 with a gain of 51% in the last 24 hours. The second biggest gainer, $KLAY, is down a lot in terms of percentage gains, at 14%.
The rally in prices sent the SHIB Dollar above the $0.00000983 resistance level, which has proven to be a hard-to-break barrier since mid-July.
Moreover, continued buying today sees the SHIB USD price up as a result of this momentum resulting in a 45% swing to the upside at the open on Tuesday.
Dogecoin also enjoyed much-needed support, but its 24-hour gain came in at just 9%. Although this was enough to break the two-week resistance, at the $0.2232 level, the move was less dramatic compared to the dollar chip.
Additionally, a look at the top five gainers in the entire market shows that three of the five are Doge-inspired little head tokens. With Flokinomics gaining an unreal 839% in the last 24 hours.
Microcaps require less capital inflows to make large moves. However, it has become clear that Dogecoin is losing popularity with investors.
Dogecoin is losing ground
On it, Twitter user Tweet embed I felt it necessary to beg the owners of SHIB dollars to recycle profits into Dogecoin. He said this would be a win-win for everyone.
“If everyone takes their winnings from #shiba Today’s coin came to #dog The army we all win together. I will never give up a coin that originated in the name of “#dogecoin Killer. We only do good every day around these parts.”
Recent times have seen the seriousness of Dogecoin. The Dogecoin Foundation has formalized its structure, and several key figures have provided payments as an end use case.
However, the crypto market failed to respond.
What drove Dogecoin to dizzying heights earlier this year was the fun factor driven by a sense of stickiness to the system, as propagated by the WallStreetBets movement.
By formalizing its organizational structure and proposing a use case, Dogecoin is no longer fun, nor is it a metaphor for non-conformity.
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