On April 3, after Elon Musk's social media company inexplicably deleted the Blue Bird logo and replaced it with the mascot of Dogecoin, DOGE soared.Dogecoin fell after Twitter stopped using the mascot of this Cryptocurrency as a symbol
On April 3, after Elon Musk's social media company inexplicably deleted the Blue Bird logo and replaced it with the mascot of Dogecoin, DOGE soared.
Dogecoin fell after Twitter stopped using the mascot of this Cryptocurrency as a symbol.
Recently, it has dropped by 7.3% to about 8.6 cents, which was as low as 8.5 cents earlier after adjustment.
On April 3, Elon Musk's social media company inexplicably took ShibaInu, the symbol of Dogecoin, rather than the iconic blue bird, as its logo, and then DOGE soared to 10.5 cents.
Crypto traders warn that the jumping of Chaigou themed tokens is unsustainable.
Tokens based on the Chaigou breed may soon be sold off after outperforming the wider crypto market within a few days.
On Monday, the social media company Twitter, owned by billionaire Elon Musk, a supporter of Cryptocurrency, replaced its popular Blue Bird logo with the mascot ShibaInu, the Dogecoin. The price of Dogecoin (DOGE) soared almost immediately, and its futures market set a record because some people bet that the use of Dogecoin on Twitter will increase.
On newer blockchains, Meme coins also have their own era. Some dog themed tokens, such as zkDoge and zkShib on the zkSync blockchain launched in March, have increased by up to 100%.
However, this price surge is unlikely to persist for the long term, as some traders warn that this trend does not herald a broader trend.
"We don't think this indicates a long-term bull market. On the contrary," Guilhem Chaumont, CEO of Flowdesk, a Cryptocurrency trading company, said in a Telegram message. The upward trend of the crypto market is regular, first with Bitcoin experiencing a bull market, then with major alternative currencies, and finally with smaller market value tokens.
Due to Bitcoin experiencing a relatively stable upward trend, the rise of meme coins will herald the end of the third stage, that is, the cycle. However, there is no need to overly interpret this brief price change.
Bonnie Zhang, head of strategy at SendingLabs, a Cryptocurrency developer, shares this sentiment. People's interest in emoticons is not new, which means that the growth is likely to fade as usual in a few days, "Zhang said
If the basic functions are strengthened in the coming months, these tokens may still have long-term growth.
For example, ShibaInu gained additional attraction by introducing shiba (the second layer protocol built on the Ethereum blockchain). The recognition of Dogecoin in Twitter and payment circles is also growing, and these trends will help achieve more lasting long-term growth. " Zhang pointed out.
The Shibarium platform's testing network, which is about to be launched by Chaigou, has been widely adopted. In other places, projects like Floki are actively developing games and decentralized financial tools to break free from the label of "emoticons" - at least in terms of developer efforts.
At the same time, some people believe that Twitter's move may pave the way for the adoption of mainstream Cryptocurrency.
Kardan Stadman, chief technology officer of Komodo, a blockchain network, said in an email to CoinDesk: "Musk's support for Twitter and the recent decision to add the Dogecoin logo on Twitter help keep DOGE and SHIB in public dialogue."
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