Dogecoin Price Pumps 16% as Elon Musk Tweet Links DOGE and X, Could Wall Street Memes Explode Next?

As the worlds of cryptocurrency and social media continue to overlap, one Tweet has created a massive shift in the meme coin market.

Yesterday, a tweet from billionaire Elon Musk linking Dogecoin ($DOGE) with Twitter’s new symbol “X” sent the coin’s price soaring by 16% over the last week.

Meanwhile, the buzz around a fresh player, Wall Street Memes ($WSM), continues to grow – hinting that it could be the next meme coin to explode.

Dogecoin Rides High After Musk’s Twitter Tease

It’s been a great few days for $DOGE holders, with the coin’s value now hovering around $0.080 – the highest it has been since early May.

$DOGE has now risen 50% from its June 10 low, highlighting the apparent change in sentiment towards the meme coin market topper.

Yesterday’s sharp rally was triggered by Elon Musk, who reposted a promotional video of Twitter’s new “X” logo, initially shared by a Dogecoin designer.

Not only that, but Musk subtly included the Dogecoin symbol in his Twitter bio.

Unsurprisingly, this has reignited the rumor that Dogecoin could be integrated as a mode of payment on Twitter, which has been making the rounds ever since Musk bought the social media giant.

While there has been no tangible progress in this regard, even the slightest hint of such integration has sparked optimism among $DOGE holders.

Open Interest Metric Points to Flourishing Market

The current hype around Dogecoin is mirrored in its ‘open interest’ – the value of perpetual futures contracts associated with the coin.

Data shows that the open interest has recently breached the $500 million mark, the highest since April.

Moreover, the open interest figure has more than doubled in the past fortnight.

In simple terms, the increase in open interest, combined with Dogecoin’s rising price, suggests a flood of new capital entering the market.

CoinGlass data also reveals that the Long/Short (24h) ratio is above 1, indicating more longs than shorts.

If these factors continue, we may see Dogecoin maintain its upward trajectory, giving HODLers even more reasons to celebrate.

Overall, the recent buzz around $DOGE and Elon Musk has kept investors alert, with everyone keenly awaiting the billionaire’s next move.

Which Meme Coin Could Explode Next?

While the spotlight is still on Dogecoin, savvy investors are keeping an eye out for the next meme coin star.

One candidate attracting considerable buzz is Wall Street Memes – a new entrant to the market that has already raised a whopping $17.7 million through its presale and attracted the attention of Musk.

Will Wall Street Memes Be Meme Coin Star After Raising $17.7m & Being Tweeted by Musk

Wall Street Memes ($WSM) stands out among the wave of new meme coins, primarily due to its appealing tokenomics and colossal community backing.

The project has leveraged the fascination with meme culture and finance, much like the infamous WallStreetBets subreddit did during the GameStop short squeeze of 2021.

This has proved to be a huge selling point for Wall Street Memes, helping form a global online community with over 1.1 million members.

$WSM, Wall Street Memes’ native token, has been designed to participate in this community and benefit from its growth and evolution.

Notably, according to the project’s whitepaper, 30% of the total $WSM supply will be reserved for community rewards (e.g., airdrops) – showcasing the development team’s commitment to rewarding active participation.

Another factor playing into the buzz around Wall Street Memes is its indirect association with Elon Musk.

While the billionaire CEO hasn’t directly endorsed the project, he has replied several times to the project’s Twitter posts, further boosting Wall Street Memes’ credibility and appeal.

With early investors securing $WSM tokens in the presale for a mere $0.0322, this attractive entry point has caught the attention of meme coin enthusiasts globally – setting the stage for a potential surge later this year.

Visit Wall Street Memes Presale

Disclaimer: The above article is sponsored content, it’s written by a third-party, and is intended for promotional purposes only. It does not represent the opinions or the views of CryptoPotato, and nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post Dogecoin Price Pumps 16% as Elon Musk Tweet Links DOGE and X, Could Wall Street Memes Explode Next? appeared first on CryptoPotato.