On Monday, Twitter changed the webpage LOGO icon from a blue bird to a DOGE dog head, and the price of Dogecoin (DOGE) soared almost immediately, and several other Shiba Inu-themed Meme coins also rose sharply, with an average increase of 14% for the entire sector .
Large cap tokens like SHIB are up 10%, while small cap tokens like FLOKI, KISHU and BABYDOGE are up 25%. In addition, zkDoge and zkShib on the zkSync blockchain launched in March have increased by as much as 100%.
However, the rise is unlikely to last in the long term, with some traders warning that the move is not indicative of a broader trend.
“We don’t think this heralds a long-term bull market,” said Guilhem Chaumont, chief executive of cryptocurrency trading firm Flowdesk.
Quite the contrary, the upward trend of the crypto market is regular, first Bitcoin goes through a bull market, then the major altcoins, and finally the coins with smaller market caps.