Dogecoin and meme coins outperform crypto market as Trump wins U.S. election
Memecoins like Dogecoin (DOGE), Dogwifhat (WIF), and Brett (BRETT) are among the best-performing cryptocurrencies on Nov. 6, highlighting the Donald Trump-fueled enthusiasm that propelled the crypto market.
Memecoin Market Cap Hits Seven-Month High
The latest uptick in memecoin has seen the total market capitalization of the sector expand to reach a seven-month high of $66.72 billion as of Nov. 6. The last time the memecoin market cap was above $66 billion was on April 1, when it reached a high of $69.8 billion. Over the past month, the aggregate market value of cryptocurrencies in this sector has increased by 21%.
Key Data Points:
- Memecoin Market Capitalization and Daily Trading Volume: A detailed analysis of memecoin market capitalization and daily trading volume indicates a significant increase over the last 24 hours. The sector’s total daily trading volume has surged, reflecting heightened buy-pressure among investors.
Memecoin Market Performance
The largest memecoin by market capitalization, Dogecoin (DOGE), has led the gains, rising 14.5% over the last 24 hours and 72% over the past month. Its rival Shiba Inu (SHIB) has also seen a surge, with daily gains of 5%, while Ethereum-based Pepe (PEPE) has appreciated by more than 12.6% in the same period.
Key Data Points:
- Dogecoin Performance: DOGE’s performance reflects both its popularity and its association with cryptocurrency enthusiasts following Trump’s victory.
- Shiba Inu Gains: SHIB’s daily gains highlight its growing influence within the memecoin sector, which is increasingly becoming a dominant force in the broader crypto market.
Trump-Themed Memecoins Soak Up Market Interest
Additional data from CoinMarketCap reveals an uptick in the market capitalization of political memecoins. Over the last 24 hours, these assets have increased by 17%, surpassing $640 million. Moreover, the sector’s trading volume has surged to exceed $400 million, reflecting heightened interest and optimism among investors.
Key Data Points:
- Political Memecoin Market Performance: Political-themed memecoins are outperforming, with their market capitalization and trading volumes both increasing significantly over the last 24 hours.
- Focus on Trump-Related Assets: These assets, particularly those related to President-elect Trump, have seen the strongest performance due to optimism about a crypto-friendly business environment following his victory in the U.S. presidential election.
Market Momentum Reflects Optimism Amidst Uncertainty
The rally in memecoins can be attributed to several factors:
- Growth of Memecoins: The rise of memecoins has captured the attention of both novice and seasoned investors, creating a vibrant and unpredictable market environment.
- Sentiment-Driven Buying: Investors following Trump’s victory have turned their attention to altcoins and memecoins as safe-haven assets in uncertain markets.
- Technological Innovation: Memecoins like Dogecoin, Shiba Inu, and Pepe are not only entertaining but also innovative, attracting a global audience that values both utility and humor.
Conclusion
The performance of memecoins such as Dogecoin (DOGE), WIF, Brett (BRETT), and others underscores the growing influence of altcoins in the broader crypto market. With Trump’s victory providing a positive sentiment boost, these assets are set to continue their upward trajectory. As the cryptocurrency landscape evolves, memecoins will likely play an increasingly significant role in shaping market dynamics and investor behavior.
