As the rise in the price of Dogecoin affects other dog-themed coins, the crypto community is asking, “Is the meme coin season starting?” raises the question.
As we reported yesterday, after news of Elon Musk, Twitter, and Dogecoin, the price of Dogecoin gained 30% in an hour. The cryptocurrency is currently trading at $0.0109.
This price increase has taken its toll on other meme coins as well, with many of them gaining notable gains. As a result, the total market value of these coins has also increased. With this development, the crypto community asked, “Is the meme coin season starting?” raised the question.
“Meme coin season” is a term often used on popular social media platforms when several meme-themed cryptocurrencies are on the rise. During these periods, investors use many factors to increase their price by increasing the interest in these coins.
These seasons usually start with a select few coins backed by social media influencers or celebrities. Thanks to this, many people invest in these coins and their prices skyrocket. But this season is usually short-lived, and as its popularity drops, so does the price of the coins.
Recent increases in price and the prominence of these coins on social media can be considered as a reversal signal for meme coins. Dog-themed coins, in particular, can be positively affected by this.
Anndy Lian, the author of the notable book on NFTs, also pointed to this possibility, implying that the season is coming, “Which meme coin is next?” He made the following Twitter post:
Dogs are trending! #DOGE #SHIB #Floki. Who is next? pic.twitter.com/S1E4rKz0lP
— Anndy Lian (@anndylian) April 2, 2023
Anndy Lian isn’t the only one drawing attention to this development. Prominent economist and trader Alex Kruger said business in the market could lead to a “big dog rally” that could happen this year. told.
“Everything is shaping up for a massive dog rally that could happen in late 2023. Choose your warriors. I have already chosen.”
The trader also suggested that followers look to May 2021 (when Dogecoin hits its historic high) and November 2021, the time frame after SHIB hit its all-time high. Upon a question, the trader also revealed that his favorite meme coins are SHIB and SOV.
You can check the price movements here.