Dog-themed coins, often associated with Tesla CEO Elon Musk, were among the biggest memecoin gainers Monday, as the tech tycoon interviewed former President Donald Trump on his social network X.
What Happened: The biggest memecoin in terms of market cap, Dogecoin, lifted 2.43% in the 24-hour period, with a 33% jump in trading volume.
The canine coin's price movement has been largely driven by social posts and endorsements by Musk, as well as developments around companies owned by him. This has been the case since Musk famously called DOGE his favorite cryptocurrency in April 2019.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:50 p.m. EDT) |
| Floki FLOKI/USD | +2.58% | $0.0001217 |
| Dogecoin DOGE/USD | +2.43% | $0.1046 |
The other canine coin, Floki, which is named after Musk's pet Shiba Inu, lifted 2.58%, while its volume increased 20% in the last 24 hours.
Interestingly, both DOGE and FLOKI were among the biggest large-cap memecoin gainers, surpassing the gains of Shiba Inu SHIB/USD and dogwifhat WIF/USD.
Why It Matters: The upward momentum once again highlighted the speculative nature of memecoins and how they continued to be affected by celebrity influencers.
The surge came even as the broader market made considerable advances in the last 24 hours. The global cryptocurrency market cap rose 1.71% to $2.05 trillion in the last 24 hours, with Bitcoin BTC/USD and Ethereum ETH/USD trading in the green.
The highly-watched Musk-Trump interaction saw discussions about several issues of relevance to the U.S.. However, to the disappointment of the cryptocurrency community, the two popular personalities didn’t discuss anything related to digital assets.
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