Memecoins are Shooting Stars in the November Crypto Market

Ever since Elon Musk's Twitter buyout, the price of memecoins like Dogecoin and SHIB has been on a roll

Memecoins, especially Dogecoin, a long-time favorite of billionaire Elon Musk, has gained more than 145% in the last seven days. The cryptocurrency has exceeded the advances of the world's two largest digital tokens, Bitcoin and Ethereum, which are up around 7% and 18%, respectively. The memecoins have stolen the show from the altcoins, with Dogecoin soaring by 25% to another local peak and others, such as Shiba Inu, following along.

Ever since Elon Musk's Twitter buyout, Dogecoin's price has been on a roll. The OG memecoin traded at $0.06 on October 25 before it exploded to over $0.1 during the weekend.

It shot up to $0.15 – a 5-month high – before it retraced to $0.11 yesterday. However, the bulls are back at it again now, pushing DOGE up once more to a new multi-month peak of over $0.15 following a 15% daily surge.

It's worth noting that several other memecoins have followed suit. Shiba Inu has soared by over 8% in the past 24 hours. Similar and even more impressive gains are evident from the likes of Floki Inu and Baby DogeCoin.

Dogecoin's current ordeal clearly demonstrates that Elon Musk is extremely lucky for Dogecoin and its investors. Cointelegraph says that on October 29, Dogecoin's price surged by nearly 75% which is its highest until the token's inception. The coin's massive rally was a part of its previous value surge, right when Elon's deadline to close to Twitter deal neared. The rise was also accompanied by a decent hike in trading volumes. Santiment claimed that Dogecoin transactions exceeded by over US$100,000, besides, there is also a growing demand for DOGE among crypto whales.

Introduced in 2013, Dogecoin's growth has been quite stagnant mainly because it is an extremely volatile cryptocurrency and only spikes at times whenever Elon tweets about it. The coin has maintained an extremely low profile for quite a long period but Elon's massive acquisition is opening new doors for the token.