Dog-themed cryptocurrencies, often linked to Tesla CEO Elon Musk, saw a surge in value on Monday, as Musk interviewed former President Donald Trump on his social media platform X. The most notable gainers were Dogecoin and Floki, two popular memecoins.
Dogecoin, the leading memecoin by market capitalization, rose 2.43% in the 24-hour period, with a 33% jump in trading volume. Its price movements have been heavily influenced by social media posts and endorsements from Musk, particularly since he famously declared DOGE his favorite cryptocurrency in 2019.
Floki, named after Musk’s pet Shiba Inu, also experienced a significant rise, gaining 2.58% with a 20% increase in volume over the previous 24 hours. Interestingly, both DOGE and FLOKI outperformed other prominent memecoins like Shiba Inu and Dogwifhat during this period.
The surge in these memecoins once again underscores their speculative nature and their vulnerability to celebrity influence. This upward trend occurred even as the broader cryptocurrency market saw considerable gains. The global cryptocurrency market cap climbed 1.71% to $2.05 trillion in the past 24 hours, with Bitcoin and Ethereum trading in the green.
While the highly anticipated Musk-Trump interaction addressed various issues relevant to the United States, the discussion notably omitted any mention of digital assets. This was a disappointment for the cryptocurrency community, who had hoped for insights from these influential figures on the future of crypto.
