Crypto Flipsider News — Memecoins Rally, BlockFi Bailout Fund, Twitter Bid Endorsed, Meta Monetization Tools, Binance OpenLeverage Investment

Read in the Digest:

Memecoins Pump After Musk’s DOGE Support, SHIB Overtakes Tron (TRX)

Crypto Lending Platform BlockFi Gets $250 Million Bailout Fund From FTX

Elon Musk’s $44 Billion Bid to Purchase Twitter Gets Board Endorsement

Meta Launches Monetization Means for Instagram and Facebook Creators

Binance Announces Strategic Investment in the Permissionless Lender, OpenLeverage

Memecoins Pump After Musk’s DOGE Support, SHIB Overtakes Tron (TRX)

Shortly after being slammed for $258 billion for supporting the Pyramid scheme called Dogecoin, founder and CEO of Tesla, Elon Musk doubled down his support for the memecoin, stating he will continue to buy DOGE.

Musk’s support of Dogecoin saw the memecoin gain more than 15% amidst a bearish market. The rally has now spread to other memecoins, with Shiba Inu (SHIB) gaining more than 40% in the past 24 hours.

The 48-hour price chart of Dogecoin (DOGE). Source: CoinMarketCap

The 48-hour price chart of Shiba Inu (SHIB). Source: CoinMarketCap

At the peak of the rally, SHIB traded as high as $0.00001155 and briefly displaced Tron (TRX) as the 13th largest crypto by market capitalization when it hit $6.378 billion. SHIB now trades at $0.00001009, and its market cap has fallen down to $5.6 billion.

For a brief period, Dogelon Mars and Baby Doge were beneficiaries of the meme coin rally. However, the bearish pressure of the broader crypto market has wiped their recently acquired gains.