Less than a week after Elon Musk officially purchased Twitter, the dog memecoin is up over 150%.
In this relatively flat crypto market, there is one clear weekly winner this week — DOGE is up over 150% at press time, beating out every other coin in terms of gains in CoinMarketCap’s top 100.
While Musk’s Twitter acquisition has little to do with crypto and as of right now, absolutely nothing to do with Dogecoin, interest in the dog-themed memecoin can be seen as a proxy for support of Musk.
In fact, since the Twitter acquisition has gone through, there have been an influx of new DOGE contracts with names like BABYTWITTERDOGE and AntiCensorshipDogeClub created on Ethereum and BSC. These new contracts may have been fueled by Musk’s Halloween tweet of his Shiba Inu (a real dog, not a token) wearing a Twitter logo on a t-shirt and next to a Twitter-themed pumpkin carving.
Data from PeckShieldAlert shows that out of the 169 new DOGE contracts, 42 of them may be honeypots and 67 of them now have a price drop of more than 90%. More established Elon and DOGE meme currencies are holding stronger, with Dogelon Mars (ELON) (which launched last spring) up 16% this week, and Baby Doge Coin (which launched last summer) up 6%.