Dogecoin Price Surges as Elon Musk Rebrands Twitter – Could Wall Street Memes Also Pump?
As the world of crypto reacts to Elon Musk’s latest exploits, Dogecoin ($DOGE) has surged once again.
The billionaire's recent decision to rebrand Twitter as "X" has sparked significant hype in the meme coin arena, prompting many to question whether this momentum will continue or if it's just a fleeting surge.
Amid this buzz, Wall Street Memes ($WSM), another meme-driven crypto, is also under the spotlight – with investors speculating that it could ride the wave of Elon’s latest antics
Musk’s Twitter Rebrand Boosts $DOGE Price
Dogecoin’s price has surged 10% since Sunday evening after Elon Musk’s shock decision to rebrand Twitter – catapulting the meme coin back into the spotlight.
For those not in the know, Musk has replaced Twitter's iconic bird logo with a simple "X" to symbolise "the imperfections in us that make us all unique.”
Unsurprisingly, Musk’s decision has made headlines across the globe and reignited interest in the meme coin space, thanks to his well-known affinity for cryptos like Dogecoin and Shiba Inu.
Since the announcement, the $DOGE price has seen two consecutive bullish daily closes, and it appears to be on track for a third.
More importantly, the price has cleared the resistance level at $0.075, which had capped Dogecoin since early May.
$DOGE is now trading at $0.077, meaning the coin’s value is up a whopping 42% from the yearly low posted on June 10.
Can Dogecoin’s Price Surge Be Sustained?
Dogecoin’s recent surge has left investors and traders questioning whether this upswing marks the beginning of a more significant rally or whether it's simply a temporary spike.
This renewed attention on $DOGE, driven by Musk’s Twitter rebranding, has brought about a rise in investor demand – but also a rise in scrutiny.
Naturally, the sustainability of Dogecoin’s rise will depend on the broader market sentiment towards the coin.
With the recent success of newer meme coins like Pepe ($PEPE) and AI-X ($X), the stage seems set for Dogecoin to benefit from the heightened investor interest in the meme coin space.
Moreover, the continued connection to influential figures like Musk will likely catalyse additional price movements – even if his actions aren't directly linked to Dogecoin.
However, at the same time, reliance on a single person to fuel price movements can be risky, since these price movements could also go in the opposite direction.
While Dogecoin's price pump looks promising, only time will tell whether it will be sustained or not.
Which Other Meme Coins Could Be Set to Pump?
Thanks to Dogecoin’s recent rise, interest has increased within the meme coin niche.
One token that has caught the market's attention is Wall Street Memes, which has now raised an incredible $17.6 million through its presale phase.
Wall Street Memes Continues Garnering Investor Interest Amid Hugely-Successful Presale
Wall Street Memes ($WSM) is a trending crypto project that has gained substantial traction due to its indirect connections to the WallStreetBets subreddit and Elon Musk.
Although Musk has no association with Wall Street Memes, the billionaire CEO has interacted with the project’s Twitter posts on numerous occasions – meaning he’s at least aware of the token’s existence.
This could play a major role in shaping the trajectory of $WSM, given Musk's substantial influence in the meme coin space.
Further shaping $WSM’s trajectory is the power of its online community, which now stands at over 1.1 million people worldwide.
This community has also spread over to Telegram, with Wall Street Memes’ official channel buzzing with anticipation about potential Tier-1 CEX listings for $WSM.
These listings have been teased for once the presale phase concludes – which could be soon, considering it's now in Stage 25 out of 30.
With $WSM tokens on offer for just $0.0322, this accessible entry point has piqued the interest of meme coin enthusiasts, setting the stage for a successful exchange launch later this year.
