The rise of meme coins such as Dogecoin and Shiba Inu has been nothing short of phenomenal. These two digital assets have redefined what is required for a cryptocurrency to be successful in the market. However, this has not stifled the rivalry between the two in any way.
Elon Musk buying Twitter for $44 billion boosts Dogecoin by 25% in the last 24 hours, but selloff risks persist.
The top meme tokens by market capitalization saw a significant jump on Monday after being fueled by dogecoin’s recent price rise. Crypto meme coins like shiba inu, dogelon mars, and floki inu saw 2-13% gains over the last 24 hours. The entire meme token economy is worth $35.8 billion, up 9.4% today.
Dogecoin remains bearish at the time of writing as it just broke below its immediate price support line. Broader market weakness can be attributed to the price fall. Major market movers have displayed choppy price action.
American movie theater company AMC Theatres has added cryptocurrencies Dogecoin and Shiba Inu to the payment options included in the company’s mobile app. The movie company now accepts several cryptos via BitPay.
Vlad Tenev lays out the technical changes required for Dogecoin to compete with Visa.
Elon Musk recently acquired a 9.5% stake in social media platform Twitter and joined the board last week. The tech billionaire has been serious about improving Twitter and preventing the influence of scammy accounts and bots on the platform.
The Tesla boss surprised markets by buying a stake in the social media platform. And, as a proponent of Dogecoin, expectations are he will push for some type of integration.
Tesla CEO Elon Musk has shared a dogecoin video on Twitter in a conversation about bitcoin mining on April 1. He says, “this video explains everything.”
According to a Twitter announcement stemming from Ukraine’s vice prime minister, Mykhailo Fedorov, the Ukrainian government will now accept dogecoin donations. Fedorov highlighted that meme assets like dogecoin are worth more than the Russian ruble and “even [memes] can support our army and save lives from Russian invaders.”
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