Bitcoin and Ethereum experienced gains on Monday afternoon in Asia, alongside most other top 10 non-stablecoin cryptocurrencies by market capitalization, with Dogecoin recording the most significant increase. The global crypto market capitalization rose 1.02% to $1.18 trillion, while the total crypto market volume gained 4.09% to $29.18 billion in the last 24 hours. Asian markets were mixed on Monday amid speculation that the US Federal Reserve may raise interest rates again in May. The US dollar index saw a 0.2% slide, while the euro rose 0.14% as investors expect another interest rate hike from the European Central Bank. Gold retreated 0.43% to $1,999 per ounce.

Bitcoin has been in a major consolidation phase, struggling to break past the $28,000 level but with limited downside volatility. On-chain analysis signals a potential bullish momentum ahead, with the Adjusted SOPR (aSOPR) for Bitcoin suggesting explosive growth.

Twitter’s new owner is known as a keen proponent of the original memecoin, having pushed its price higher numerous times in the past through various engagements. The latest example came earlier this week when he changed the Bluebird Twitter logo to the dog picture of Dogecoin. Expectedly, the asset’s price exploded by 25% in minutes and over 30% within the next day. It soared above $0.1 for the first time in months. The Bluebird logo has returned since then, and DOGE has retraced notably. Data from the on-chain analytics platform – Lookonchain – informed that two of the five largest Dogecoin whales sold 1.4B DOGE amid the price surge (worth about $121 million).

The party seems to be over for memecoin Dogecoin as the DOGE price tanked by over 9% just after Twitter restored its original blue bird logo. As of press time, DOGE is trading at a price of $0.085 and a market cap of $11.8 billion.

At 8:45 p.m. UTC on April 6, just before Twitter reverted its logo to its default bird, DOGE was valued at 9.1 cents. Within half an hour, its price fell as low as 8.5 cents. Though prices have recovered slightly, that change represents a loss of approximately 6.5%.