The weekend witnessed a surge in the meme coin market, spearheaded by the twin forces of Dogecoin and First Neiro On Ethereum. These cryptocurrencies, linked by a familial connection to the Shiba Inu breed, saw significant gains, driven by the power of a single tweet.
Elon Musk, the tech titan known for his influence in the crypto world, took to X (formerly Twitter) to post an image of Dogecoin showcasing its impressive biceps. This image, accompanied by no other text, ignited a flurry of activity in the meme coin market. First Neiro On Ethereum, named after the Shiba Inu pup adopted by the owner of Kabosu (the dog that inspired Dogecoin), experienced a substantial 6% increase in value over the previous 24 hours. Trading volume also surged by 62% during this period.
Dogecoin, the reigning meme coin by market capitalization, followed suit, rising almost 4% and claiming the title of the most traded meme token in the last 24 hours with a volume of $1.35 billion. This surge is a testament to Musk’s continued influence over Dogecoin, as his tweets have consistently led to immediate, albeit short-lived, rallies.
The broader meme coin market also experienced a collective uplift, registering a 1.5% increase in market capitalization over the last 24 hours. However, established players like Shiba Inu and Pepe trended downwards during this period.
The broader cryptocurrency market, fueled by the decline in oil prices following Israel’s attack on Iran, also exhibited positive momentum. Bitcoin, the leading cryptocurrency, reached a peak of over $68,000 before retracing to the mid-$6700 region.
The weekend’s market movements highlight the unpredictable nature of the cryptocurrency space and the significant influence of social media, particularly when wielded by powerful figures like Elon Musk. It remains to be seen whether the current rally will sustain, but one thing is certain: the connection between meme coins and the internet’s most influential personalities is a potent force to be reckoned with.
