Exploring the Impact of Elon Musk on Dogecoin and Other Meme Coins

Elon Musk's Impact on Dogecoin and Other Meme Coins

Dogecoin (DOGE) may have initially flown under the radar, but Elon Musk's involvement reshaped the cryptocurrency landscape. The meme coin, which created crypto millionaires thanks to the "Elon Musk effect," paved the way for the likes of SHIB and its competitors. After the 2021 bull market, the market entered a downturn, leading to the emergence of numerous meme coins between 2022 and 2024. So, what's the latest buzz surrounding meme coins like PEPE, FLOKI, and BONK?

PEPE Coin

PEPE was undoubtedly one of the standout meme coins of 2023. Amidst the market turmoil, PEPE surged, causing a spike in Ethereum network fees.

By March 2024, PEPE had clearly capitalized on the meme coin frenzy. Today, PEPE continues to trade, though below its all-time high (ATH).

As of this writing, PEPE has gained 1% in the past 24 hours, trading at $0.00000747. Notably, PEPE has surged over 50% in the past seven days.

Furthermore, PEPE's market cap has recovered to $3.15 billion, reclaiming its third-place position from WIF. PEPE's 24-hour trading volume was $1.2 billion, representing a 2.75% decline from the previous day.

Floki Coin

FLOKI was one of the stars of the March 2024 bull run, delivering over 2000% returns to investors over the past year.

However, FLOKI's current situation appears less promising. It has fallen to a market cap of $1.7 billion after a 2% drop in the last 24 hours.

Its 24-hour trading volume has declined by 11%, amounting to $280 million, suggesting that investors are holding onto their cryptocurrency rather than selling.

BONK Coin

BONK, alongside PEPE, was one of the most notable meme coins of 2023. Amidst the Solana frenzy, BONK soared, creating many millionaires.

In the past year, BONK has shown an astounding 3382% increase, indicating a true frenzy. Despite a surge at the end of 2023, BONK experienced significant gains in March.

Current data shows that BONK, after a 9% increase, is trading at $0.00002595. BONK's market cap has also surpassed $1.68 billion following this rise.

A potential new bull run in the future could fuel further rallies for BONK, showcasing significant price increases to its investors.

The post originally appeared on COINTURK NEWS: Exploring the Impact of Elon Musk on Dogecoin and Other Meme Coins