During Monday's trading session, the value of Dogecoin, a meme-based cryptocurrency, soared 13% in just a few hours and broke through the six-week high of $0.27. At the same time, cryptocurrency exchanges recorded a 17% increase in digital assets during the trading day.
Shiba Inu, another meme-based digital asset from the list of the top 100 cryptocurrencies, also showed spectacular growth of 16.4%.
Tesla CEO Elon Musk has once again triggered such an activity boost in the cryptocurrency market. His laconic tweet hiked the market and skyrocketed his favorite cryptocurrency.
What happened? Billy Markus, one of the creators of Dogecoin, tweeted: "keep DOGE fun and absurd." The SpaceX CEO responded with a 'cheers' emoji for the tweet by Markus.
Musk's response might well have gone unnoticed by the public if he had stopped at just this one. But he didn't. Later, on his account, the entrepreneur posted a picture of a Shiba Inu dog holding a rocket. Below was a caption, "I've thought about and ... I'm not sorry for party rocking."
Musk's followers instantly noticed the "rocket" from the tweet and interpreted it as a hint to the rapid growth of the DOGE altcoin.
When the joke stopped being funny and triggered a spectacular growth of Dogecoin in the market, experts joined the discussion of what was happening. According to analysts, the meme coin is ready for a massive rally of 500% or even 1000%, but with a small caveat. DOGE must return the support level of $0.24.
Shiba Inu, the so-called "Dogecoin killer" meme coin, also showed a spectacular rally. During this month alone, the value of the cryptocurrency increased by 240% taking 12th place in the list of digital assets ranked by market cap.
Traders have been boosting the rate of the cryptocurrency while waiting for it to be listed on the Robinhood cryptocurrency exchange. A petition to list the digital coin on the Robinhood app has already garnered more than 250,000 signatures.
