Billionaire Elon Musk hinted this week that he would "return to the meme market soon," which stimulated Dogecoin to hit a high of $0.13, and then slightly adjusted to $0.12 on Friday (March 1). Driven by the Bitcoin bull market, the "Dog" meme coins of various public chains also recorded impressive results.

Musk warned that the flood of illegal immigrants is destroying the United States. He said that dams across the country are collapsing. The United States only accounts for 4% of the earth's population. If only 1% of the rest of the earth moved here, all basic services would collapse. I sounded the alarm because the flood of illegal immigrants is destroying this country.

Musk tweeted on Wednesday: "US Democrats don't do deportation drives because every illegal entry has a high probability of turning into a vote, and this simple motivation explains the seemingly insane behavior. It has become so blatant that a gang of illegals can beat up a cop in front of cameras in Times Square, walk out free, and still not be deported. Instead, an NGO partially funded by the federal government bought them free tickets to California."

Under the tweet, one user responded by pointing out: "We want more memes."

Musk then responded: "Okay, I'll get back to the meme market."

In the Asian market on Friday, Dogecoin fell from its high to $0.1201, having hit a high of $0.13 overnight.



Musk has mentioned Dogecoin many times before, and the popularity and price of Dogecoin have risen accordingly. In early 2022, Musk announced that some Tesla products will accept Dogecoin as a payment method, and the super charging stations it plans to build will also open Dogecoin payment. This move not only increases the practicality of Dogecoin, but also further enhances its acceptance in mainstream society.

Following Tesla, Musk quickly announced that his SpaceX would accept Dogecoin to pay for some goods and services, and even its satellite launch plan was named Doge-1 and funded by Dogecoin, further stimulating the price and popularity of Dogecoin and the potential of using Dogecoin as a means of payment and funding tool.

Since then, Musk has continued to support Dogecoin on social media. For example, he revealed in a Twitter thread in mid-January this year that he still holds a large number of Dogecoins and has not sold any of them because Dogecoin is his favorite cryptocurrency.

The large volatility of Dogecoin has also triggered a large amount of liquidation activities in the market. CoinGlass data shows that in the past 24 hours, the liquidation amount of Dogecoin reached US$50.1 million, second only to Bitcoin and Ethereum.

Affected by the rise of Dogecoin, dog-related meme coins on various public chains are said to have skyrocketed. Shiba Inu Coin (SHIB) soared 32.7%, and its market value squeezed into the top 20 currencies.

The meme coin BONK on the Solana chain saw an even more astonishing increase of 50.9%, and Husky Avax on Avalanche also recorded a 33.8% increase.

Dogecoin Technical Analysis

Cryptonews stated that Dogecoin's relative strength index (RSI) accelerated to break through 70, indicating that buying pressure increased rapidly.

The same is true for Dogecoin’s 30-day average, which has begun to rise sharply, indicating a strong breakout for the meme coin.

Most optimistically, Dogecoin’s 24-hour trading volume has surged to $7.3 billion in the past few hours, from $300 million a few days ago.

Other major coins have also seen such a sharp increase in trading volume, which means that the market may have entered a full-blown bull run.