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The word 'moon' has recently been trending vastly on social networks like Twitter and Reddit, especially within the cryptocurrency community.

Bitcoin and select altcoins have rebounded sharply off their support levels, a possible sign that traders are buying the recent dip in the market.

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Grewal, the chief legal officer at Coinbase, responds to a proposed rule change from the SEC that would make it harder for firms to hold customer assets.

The Dogecoin price analysis is showing a bullish trend in the market and bulls have regained control of the $0.08624 level. The momentum of the bulls is seen at $0.08713 and could very well be the next resistance level of the Dogecoin price.

Dogecoin [DOGE] tried to recover after falling into the $0.08 area. At press time, the bulls were trying to set a bearish order breaker to overcome the $0.08463 hurdle.

Dogecoin rallied on Feb. 15, as Elon Musk tweeted a picture of a Shiba Inu dog, with the caption: “The new CEO of Twitter is amazing.” Following this tweet, both dogecoin and shiba inu surged, extending recent gains. Overall, the global cryptocurrency market cap is 2.42% higher as of writing.

The altcoin market appears to be less affected by the recent price decline in Bitcoin's (BTC) price chart.

Investors continued to digest the latest inflation data and news on the regulatory front.

Shiba Inu-themed tokens Dogecoin, and Floki Inu have broken out after Twitter owner Elon Musk named the new CEO of the social media giant — well, kinda.

Amid the resumed recovery in the crypto market, the meme coins received a special when Billionaire Elon musk shared a picture of his Dog ‘Floki' on Twitter with the caption, “new CEO of Twitter is amazing.”. This tweet instantly affected Floki, Dogecoin, and Shiba Inu's market value and pushed it to even higher levels.

Dogecoin (DOGE) is gaining on Wednesday and it's thanks to Elon Musk posting more memes connected to the cryptocurrency.

Dogecoin rose to mainstream success in 2021 amid a frothy crypto market that caused valuations to soar for many digital assets, despite not having a specific use case or unique technology behind it.

As the wider market digests the latest CPI report, crypto markets have been energized by Cardano upgrades and Dogecoin memes.

Raoul Pal, former Goldman Sachs (NYSE: GS) executive, said that Ethereum (CRYPTO: ETH) could reach $10,000 by 2024. What Happened: Pal said “I don't see any reason why it's not about $10,000.

Elon Musk confirmed that he would bring on a new CEO to replace him after this year. After posting a funny tweet surrounding the news, the prices of DOGE and FLOKI started pumping.

After Elon Musk, CEO of Twitter, tweeted a meme with his pup Floki acting as the company's new leader, several Shiba Inu-themed meme coins have seen an increase in value. Dogecoin has surged more than 7% over the past day alone, according to Coingecko crypto metrics.

The Doge an Floki tokens are soaring amid a recent statement by Elon Musk. The twitter CEO posted a picture of his Floki dog as the new Twitter CEO causing the sudden interest in the memecoins.

BTC/USDT hit its stride yesterday, right after the US inflation read emerged hotter than anticipated- at 6.4% instead of 6.2%, in line with a mini rally on the S&P 500 index. Theoretically, the markets should have gone the other way, given how investors tend to get spooked by the possibility of inflation-busting interest rates from the central bank.

The global crypto volume has spiked in the past 24 hours following the fresh CPI that was higher than the expectation. The BTC price jump was restricted below $22,200 and the following sideway trend enabled the other altcoins to intensify their trend.

Dogecoin (DOGE) is seeing an impressive price rejuvenation today following the latest tweet from Twitter and Tesla Chief Executive Officer Elon Musk. The vocal CEO and billionaire posted a picture of his Shiba Inu dog breed as the new CEO of the social media platform.

The meme lord godfather, Elon Musk, has shocked the Floki (FLOKI) community after naming him the new CEO of Twitter. As of the early Asian trading market, Floki was trading around $0.00002949, up 41.1 percent in the past 24 hours.

Elon Musk, who is known as the "Dogefather." Is Elon Musk Set to Rocket Dogecoin Price to $5.

Elon Musk, who is still searching for a new Twitter CEO, jokingly introduced a dog as Twitter's new CEO, sending the prices of Dogecoin, Shiba Inu and Floki soaring. At press time, all three meme coins saw significant price appreciation, with DOGE up 6.1%, Shiba Inu up 4.3%, and FLOKI up 39%.

Twitter and Tesla CEO Elon Musk on Wednesday tweeted a picture of his dog “Floki” with the caption “new CEO of Twitter is amazing.” Elon Musk meme declaring Floki as the new CEO of Twitter sends Dogecoin, Floki Inu, and Shiba Inu prices to rally higher.