Benzinga - Elon Musk’s X, formerly known as Twitter, on Tuesday secured the Rhode Island Currency Transmission License, enabling the platform to offer its services within the state.
What Happened: This sparked a rally in meme coins, particularly Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe Coin (CRYPTO: PEPE).
The surge in meme coins coincides with increasing speculation about Musk’s X potentially integrating Dogecoin as a mode of payment on the platform.
Musk has been a vocal proponent of the meme coin and recently even tweeted to his mother, Maye Musk, stating that X is a “Doge friendly place.”
Crypto analyst Michael Van de Poppe said, “markets were solely waiting for Bitcoin (CRYPTO: BTC) to be moving around," in an exclusive conversation with Benzinga.
Van de Poppe further predicted a potential turning point for DOGE, noting that significant movements are expected when Musk announces plans to integrate Dogecoin into X. He stated, “For DOGE, I think we’ll see movements the moment that Elon Musk is going to present a case where he’ll be announcing that he’ll integrate Dogecoin into X, and then the price will start to accelerate.”
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Why It Matters: The analyst predicts, “If DOGE breaks $0.08 to 0.09, I think it will skyrocket to $0.20," which means a 150% increase.
While meme coins flourish, Van de Poppe cautioned against basing value solely on design updates, explaining that “simple designs created by Doge Designer [don’t] really change much on the aspects.”
According to his bio section, @cb_doge is a graphics designer at Dogecoin.
The performance of Shiba Inu exemplifies the “buy the rumor, sell the news” effect, as per the analyst.
Van de Poppe observed a potential correlation between Shiba Inu, Pepe Coin, and Dogecoin. He said, “Shiba and Pepe can easily follow through in the shadows of Dogecoin, but it’s quite hard to say whether they’ll outperform or not, but the correlation will be there, and the result will be there too.”
Additionally, he suggested that Pepe Coin has the opportunity to become a standout player, but overcoming negative rumors will be crucial. “Perhaps even, if Pepe overcomes the negative rumors, we can have Pepe as the Dogecoin of this cycle. For PEPE, there were some bad and negative rumors surrounding the multisig, which created that we’ve been having some terrible news and price action there, but it could be bottoming out soon.”
At the time of writing, Pepe Coin was trading at $0.0000008889, registering a 5.73% increase over the last 24 hours. In comparison, DOGE experienced a 3.88% surge, while SHIB saw a 1.5% increase in the same time period.
Will meme coins dominate the crypto market by the end of 2023? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
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