Elon Musk’s tweet fuels meme crypto Dogecoin (DOGE) up by 20%

Key Takeaways:

• Dogecoin gained 20% after a tweet from billionaire-entrepeneur Elon Musk.
• Other Doge-inspired meme-coins have exploded the previous day, gaining over 1000%.

YEREVAN (CoinChapter.com) – Elon Musk, the chief executive of Tesla and SpaceX, and the self-proclaimed ‘Dogefather’ tweeted a symbol image of what looks like a dog holding a rocket. His pet crypto Dogecoin took the hint and rallied 20% in Monday’s European session, trading at $0.259.

Dogecoin’s rally defied the overall climate on the altcoin market. As Bitcoin spot price kept printing green candles since Sept 29, the altcoins cooled off. BTC traded close to its all-time high at $60,915, while Ethereum (ETH) lost 3.2%, Cardano (ADA) was down 2.0%, Ripple’s XRP shaved 4.2% off its value and Solana (SOL) declined by 3.7%.

Dogecoin hinted at a looming golden cross on the daily chart, between the 20-day exponential moving average (EMA-20; blue wave) and the 50-day EMA (red wave).

In detail, the golden cross occurs anytime a short-term MA establishes a dominant position over a long-term MA. Thus, the bullish formation predicts further gains for as long as the short-term MA charts over the long-term MA.

Moreover, DOGE broke above a significant support bar at $0.21-0.23. Should the value decline in the upcoming sessions, the digital asset might retest the bar again on a new leg up.

Doge’s gains against the rest of the altcoins came in the wake of a larger canine-inspired meme-coin rally.

Also read: Doge rallies 8% after AMC announces it is ready to accept Dogecoin payments.

Dogecoin knock-off meme-coin surge

Earlier, Dogecoin spawned an army of knock-offs, including Shiba Inu (SHIB), Baby Doge (BABYDOGE), Floki Inu (FLOKI), Prince Floki (PRINCEFLOKI), and many others.

Some of the coins listed above rallied massively over the previous few days. For example, Prince Floki went up a whopping 1336% in the past 24 hours and traded at $0.000001477 at press time.

Moreover, the meme-coin congratulated itself for reaching 7,000 holders and tweeted at Elon Musk, calling him ‘dad.’

Another knock-off Kombai Inu jumped 853% on Oct 17 before dropping back halfway. It featured as the fourth largest gainer on CoinGecko.

Shiba Inu coin gained only 5% but saw bullish on-chain metrics. Analytical platform Santiment tweeted that the number of SHIB’s whale transactions exceeding $100,000 spiked, which historically leads to higher prices ahead.

Also read: Possible CoinMarketCap bug shows 124750802549.94% gains for Nano Dogecoin(INDC), creates thousands of Billionaires at $33

Elon Musk’s tweets have a well-documented bullish effect on the meme-coin market.

The latest tweet was not an exception. It came in the wake of a Shiba Inu-inspired s**tcoin explosion and helped Dogecoin gain 20%, while FLOKI put on 33%. However, the rallies were short-lived, and the coins declined hours later. Nevertheless, Doge still holds the gains and continues to ascend.