Dogecoin crypto surge revitalized the altcoin market with a notable price increase while certain altcoins experienced enormous growth.
Last week’s crypto rally led by Dogecoin (DOGE) also rejuvenated the altcoins market with significant price rise. Large cryptocurrency investors had to prioritize some altcoins over others in order to accumulate more of them. Despite a slight decline over the weekend, the price of DOGE continues to dominate the market environment. The top memecoin is currently up by about 104% from a week ago on a weekly basis.
On October 27, Elon Musk took control of Twitter in an official capacity, which caused Dogecoin to soar and, as a result, the whole cryptocurrency market. In this regard, there is talk that Musk may permit Dogecoin (DOGE)-based membership fees for Twitter. As of this writing, DOGE is trading at $0.1213, a decrease of 1.53% over the last 24 hours, according to price monitoring site CoinMarketCap.
Short Altcoin Season Is Here?
In the meantime, it appears that the crypto whales are stockpiling a few altcoins following the most recent price increase driven by DOGE. Several altcoins are reportedly seeing an increase in buying activity, according to crypto influencer Ran Neuner. “3 altcoins are being aggressively accumulated by crypto whales.” He claimed that because Chainlink (LINK) has been trading in the accumulating range for so long, it is cheap. The tokenomics have abruptly changed.The influencer said that now is an excellent time to build up your LINK portfolio.
A significant modification to Chainlink’s tokenomics is the cause. “LINK can no longer be disregarded.” As of this writing, the price of LINK is $7.98, up 5.35% over the previous day, according to market monitoring site CoinMarketCap. On the platform, LINK is presently rated 21 based on market capitalization. He added that given Elon Musk’s purchase of Twitter, DOGE’s growth prospects are currently very favorable. Even yet, he questioned whether Dogecoin would eventually be incorporated into Twitter’s many use cases.
FIFA World Cup Momentum For Crypto
The 42-ranked Chiliz (CHZ) token may be a solid buy opportunity, according to Neuner. CHZ could increase as the FIFA World Cup approaches because it is one of the most well-liked fan tokens. As of this writing, the price of a CHZ token is $0.2192, down 0.82% from the previous day. The opening day of the FIFA World Cup Qatar 2022 is set for November 20.
