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After Elon Musk changed the Twitter logo to the well-known Dogecoin meme, April 2023 got off to a hot start for meme currencies. DOGE took the lead in the recovery, posting double-digit gains that quickly reached 26%. However, the largest meme currency by market capitalization was not the only one to gain from this. Other meme currencies soon followed suit, providing investors with sizable gains during this period.
Stay with us till the end to find which meme coins rallied, along with DOGE.
The background story…
Elon Musk replaced the Twitter homepage logo with a Doge meme, prompting speculation about his motivations. Many are left wondering if this was an April Fool’s Day prank or a lasting change, and some reports suggest that it could be related to his ongoing Dogecoin lawsuit. Musk has a history of making significant changes to Twitter, with its current form bearing little resemblance to what it was a year ago.
The Doge meme logo featuring Shiba Inu is now only visible on Twitter’s web version, while the blue bird logo is still there on the Android app. Although Musk’s fondness for Dogecoin is well-known, it seems that his decision to replace the Twitter logo may have been influenced by a promise he made to a user before becoming CEO. In a conversation, the user suggested that Musk take over Twitter and change the blue bird logo to a Doge meme.
Earlier, Musk shared an image of a ‘Doge’ meme wearing a CEO t-shirt with the caption – “The new CEO of Twitter is amazing.” Meanwhile, Reuters reports that Musk is facing a $258 billion lawsuit filed by investors, accusing him of running a pyramid scheme to support Dogecoin. The investors say that Musk intentionally drove up Dogecoin’s price and then allowed it to crash.
Now let’s see which meme coins rallied, along with Dogecoin (DOGE).
#1 Floki (FLOKI)
Floki (FLOKI) has been the second-best performer after the Twitter logo was changed. The First was obviously Dogecoin (DOGE).
Floki is a Crypto that began as a dog-based meme coin after Elon Musk tweeted about his intention to name his Shiba Inu dog “Floki.” However, it is not just a meme coin; it has evolved into a comprehensive Web3 project encompassing Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the metaverse. With all this transformation, the project is now referred to as “The People’s Crypto,” The team behind this project has effectively turned a once-useless meme-coin into a versatile project.
FLOKI, the token associated with the project, is an incredible virtual asset that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains. As an ERC-20 and BEP-20 compliant token, it offers multi-chain functionality. With seamless bridging between the two chains, FLOKI holders have the flexibility to use either blockchain to store and transact with their tokens, making it simple and convenient for users to access and use their FLOKI holdings.
#2 Dogelon Mars (ELON)
Dogelon Mars (ELON) was slightly behind Floki, but interestingly, it was ahead of Shiba Inu (SHIB).
The meme coin Dogelon Mars (ELON) is themed on Dogecoin (DOGE) and Tesla CEO Elon Musk. In 2021, the coin had massive price swings, and some feel it still has space to expand. This Ethereum-based project uses the ERC-20 token standard, which implies it uses the Ethereum network for security while adding its distinctive features to the token.
The founders of Dogelon Mars have trapped 50% of all ELON liquidity in the Uniswap liquidity pool. The other half was donated to Ethereum co-founder Vitalik Buterin. The donated ELON was sent to various DAOs and foundations. Current token holders either bought the asset on the Decentralized Exchange (DEX) or received it as a donation from Vitalik Buterin.
#3 Shiba Inu (SHIB)
Shiba Inu (SHIB) stood in third place, after Floki and Dogelon Mars, though it is the second-best meme Crypto in space.
Shiba Inu, the 2nd largest meme currency in the Crypto space, proclaims itself as a DOGE killer. Its official website describes SHIB as “an experiment in decentralized spontaneous community development.” The total supply of SHIB tokens is 1,000,000,000,000,000 (or 1 quadrillion). This project is named after a Japanese hunting dog breed called Shiba Inu. It is based on the Ethereum blockchain.
It momentarily surpassed Dogecoin in market capitalization but is back to tailing DOGE again (possibly just for a short time!). It is also the most promising meme coin in the Shiba Inu ecosystem that offers two other Cryptos named LEASH and BONE other than SHIB. The Shiba Inu community has set up the platform’s DEX – ShibaSwap and plans to set up an NFT marketplace and other Defi-based applications.
#4 Baby DogeCoin (Baby Doge)
Stood last was Baby Doge Coin, which rose by a very minute percentage.
This meme coin needs no introduction due to its prominent name, which suggests it’s another clone of Dogecoin. The coin has been billed as being the progeny of its father- the Dogecoin.
We all know that many Cryptos were inspired by the idea of Dogecoin after it reported massive price jumps and, of course, the support of Elon Musk himself. One prominent example is Baby Dogecoin. It witnessed a 1,000% increase in its price just two weeks after its launch in June 2021, which was definitely because of Musk’s tweet related to the currency.
Bottom line
It is evident why people refer to Elon Musk as “Dogefather.” His love for Dogecoin has never been a private matter. The news of the Twitter logo being changed to “Doge” dog has led other meme currencies to rally. We have mentioned four meme coins that were majorly impacted by this news. Let us know which one is your favorite.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
