According to data from CoinMarketCap (CMC), the price of the most popular memecoin, Dogecoin (DOGE), went up by 11% in the last 24 hours. Twitter just announced a new step in the world of non-fungible tokens, which caused the price to go up (NFTs).
At the time of writing, CMC data shows that the price of Dogecoin is about $0.08. Dogecoin, which is backed by billionaire Tesla CEO Elon Musk, is up 11% in the last 24 hours and up more than 35% in the last seven days, reaching a 10-week high.
U.Today reported that the Dogecoin hash rate reached a seven-month high of 815 TerraHashes per second (TH/S) on Oct. 18.
The data showed that Dogecoin has gone up about 40% in the last 48 hours. This was caused by the unpredictable technocrat buying the microblogging site.
Even though Dogecoin is doing great, market analysts warn investors not to read too much into it. They said it’s just a dead cat bounce.
Most likely, the worst is over, but that doesn’t mean that prices will go up in a straight line from here on out, said Patel from Mudrex. “Corrections are likely, and the best way to deal with them is with disciplined, systematic investments and diversification.”
It wasn’t just Dogecoin that was pushed. Other meme tokens, like Shiba Inu, Dogelon Mars, Baby Dogecoin, SamoyedCoin, Monacoin, Musk Doge SolDoge, and others, went up by between 5% and 85% in 24 hours.
The new feature in the middle of a drama
The billionaire CEO of an American company that makes electric vehicles (EVs) has been trying to buy Twitter for $44 billion. As the deal got closer, Twitter made some crypto-related announcements in the last week.
Twitter said on Thursday that they will be testing “NFT Tweet Tiles.” The tweet says that information about digital collectibles from Rarible, Magic Eden, Dapper Labs, and Jump Trade NFT will be shown.
The news comes just four days after famous tech blogger Jane Manchun Wong said that “Twitter is working on a wallet prototype that supports crypto deposit and withdrawal.”
