Ever since Elon Musk bought Twitter and made it private on the 28th of October, the crypto market has gone berserk (in a good way). In 2021, after numerous tweets from Elon Musk, Dogecoin went to the moon growing by more than 10x in a couple of weeks. Ever since then, Musk has been the unofficial president of all memecoins, especially Dogecoin (DOGE) and Shiba Inu (SHIB).
- Elon Musk bought Twitter, which led to memecoins trending up.
- Dogecoin (DOGE) and Shiba Inu (SHIB) are the most affected memecoins.
- Memecoins will soon see a minor bear trend after the hype is over.
This is also the reason why the Twitter buyout had such a big effect on the crypto market and memecoins in general.
Over the span of only 5 days, DOGE has gone from $0.059 to $0.147, which is close to a 3x increase in price. Dogecoin (DOGE) now holds the number 8 position on the crypto market’s top 100 (by market cap). This is understandable, keeping in mind that Elon Musk is the reason Dogecoin (DOGE) is so high up on the charts nowadays.
However, how will this further affect memecoins and the crypto market?
Well, let’s first overview the crypto market in the past 10 days. Bitcoin has broken through the $20,000 psychological barrier and is now its support price. Ethereum, on the other hand, saw bigger percentage growth, going from barely $1,300 up to nearly $1,650. At the same time, the stock market also saw growth, which is most likely the reason for the growth of the crypto market.
Now that Elon Musk has bought Twitter, memecoins specifically saw individual growth. As you already know, that is because Musk is responsible for all memecoins. Whenever he does something “good”, the memecoins’ price goes up. When he does something “bad”, the price goes down. As such, a lot of investors refer to Elon Musk’s performance when it comes to buying in or selling memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
The Future For Memecoins Short-Term
Now that we know the reason for the memecoin-boom, a new question arises – “What now?”. It is fairly easy to predict what will happen in the next couple of days/weeks with Dogecoin (DOGE), Shiba Inu (SHIB), and some other memecoins.
First of all, memecoins will proceed to grow a little more before their price evaluation begins tanking until the balance is achieved. It is not possible to predict exactly what “balance” means here. Thus, we cannot predict the exact price once that balancing phase ends.
Yet, what we know is that the price will remain higher than what it was before the current bull run. For example, Dogecoin (DOGE) was worth around $0.059 per token before the bull run. After the bull run and the natural balance is complete, we will see DOGE worth around $0.10.
As for Shiba Inu (SHIB), things will play out in a similar fashion. The price of SHIB last week was just below $0.000010 and is now nearly 25% up, reaching $0.0000125. At one point on the 29th of October, the price went up to $0.0000147 but quickly balanced to $0.000012.
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Once again, after things calm down, the price of SHIB will remain around $0.000011.
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