Originally published on: November 06, 2024
As Donald Trump secures victory in the US election, memecoins like Dogecoin, Dogwifhat, and Brett are soaring in the cryptocurrency market. These memecoins have outperformed other digital currencies, reflecting the enthusiasm driven by Trump’s win.
The total market capitalization of memecoins has surged to a seven-month high of $66.72 billion as of November 6th, propelled by the latest uptick in the sector. This marks a significant increase from the last high of $69.8 billion back in April.
In the past 24 hours, the memecoin sector has seen a 21% growth in market value, with daily trading volumes more than doubling, highlighting the strong buying pressure within this segment.
Among the memecoins, Dogecoin has led the gains with a 14.5% surge in the last 24 hours and a remarkable 72% increase over the past month. Other memecoins like Shiba Inu and Ethereum-based Pepe have also recorded significant gains.
Political memecoins have also experienced a notable uptick, with market capitalization increasing by 17% in the last 24 hours to surpass $640 million. The trading volume for these memecoins has spiked by 87% during the same period.
The top political memecoins, particularly those related to President-elect Trump, have seen positive price movements, reflecting the overall market optimism following Trump’s victory in the election.
Investors in the crypto community are hopeful about a crypto-friendly business environment under the new presidency, given Trump’s pro-crypto stance during his campaign. The surge in memecoins on November 6th was preceded by a rise in open interest, indicating bullish momentum in the market.
As memecoins continue to gain traction, investors are advised to conduct their own research and assess risks before making any investment decisions. Stay informed about market trends and investment opportunities by subscribing to our newsletter for valuable insights every Monday.
