Originally published on: November 06, 2024
In a surprising turn of events, memecoins like Dogecoin (DOGE), Dogwifhat (WIF), and Brett (BRETT) have outperformed the crypto market following Donald Trump’s victory in the US election. The enthusiasm surrounding Trump’s win has led to a surge in the memecoin sector, with a total market capitalization reaching a seven-month high of $66.72 billion.
The rise in memecoin market cap signifies a 21% increase over the last 24 hours, accompanied by a significant spike in daily trading volume, which has increased by more than 200%. Dogecoin, the leading memecoin, has seen a 14.5% gain over the past 24 hours and a remarkable 72% surge in the last month. Other memecoins like Shiba Inu and Pepe have also experienced positive price movements.
Additionally, political memecoins have seen a surge in market capitalization and trading volume, with top Trump-related tokens dominating the market. The prospect of a crypto-friendly environment under Trump’s presidency has fueled optimism in the crypto community, leading to increased interest and investment in memecoins.
Moreover, the rise in open interest for memecoins indicates a bullish momentum in the market, with traders opening more contracts in anticipation of price increases. It is important to note that this article does not provide investment advice, and readers are encouraged to conduct their own research before making any financial decisions.
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