Dogecoin Rallies 25% as Other Memecoins Lag Behind

• Dogecoin [DOGE] was able to maintain a rally despite the unstable market conditions.
• This could be attributed to Elon Musk’s recent behavior with X and DOGE and a surge in social mentions for DOGE.
• The MVRV ratio and weighted sentiment around DOGE have also started to move up.

Dogecoin Sees Rally as Other Memecoins Fall Behind

Dogecoin [DOGE] has been able to maintain a rally over the past few weeks despite the instability of the market and regulatory scrutiny faced by altcoins. This could be attributed to Elon Musk’s recent behavior with regard to X, formerly known as Twitter, and a surge in the number of social mentions for DOGE. Furthermore, the Market Value to Realized Value (MVRV) ratio and weighted sentiment around DOGE have also started to move up.

Elon Musk Plays A Role

The rebranding and renaming of X has led many speculators to believe that DOGE may serve a larger purpose for the website in the future. Instead of curbing speculation, Elon Musk further implied that memecoin will have a pivotal role in the functioning of X by changing his profile location which featured both “X” and “D” letters symbolizing Dogecoin. This is likely one of several factors leading up to this recent rally in interest around Dogecoin [DOGE].

Social Activity Around Dogecoin

Due to these reasons, activity on DOGE’s social front shot up significantly according to LunarCrush’s data. The number of social mentions for DOGE grew by 810%, while engagements surged by 819% during this same period. Additionally, negative comments made against DOGE on social networks had started declining which was reflected in increasing weighted sentiment towards Dogecoin [DOGE].

Other Memecoins Fail To See Growth

Despite Dogecoin’s success over the past few weeks, other memecoins such as SHIBA, FLOKI and PEPE failed to see similar growth momentum or an increase in interest from traders/investors. Because investors appear more confident with their investment decisions with regards to Dogecoin [DOG], it appears that they may not hold similar confidence when considering investments into other memecoins such as SHIBA, FLOKI or PEPEE at this time.

Conclusion

Dogecoin’s impressive price appreciation can be attributed largely due its increased popularity among traders due its association with X through Elon Musk’s influence combined with significant increases in its social activity metrics such as mentions and engagements on social media networks like Twitter & Reddit . Although other memecoins such as SHIBA, FLOKI & PEPEE failed to witness similar growth momentum or an increase in interest from traders/investors at this time; overall it seems like there still is optimism among investors regarding their investment decisions when it comes specifically only doge coin[DGEO].