Following the announcement of Donald Trump as the next US President, Dogecoin (DOGE) led the meme coin sector with a 28% gain.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
The meme coin sector is seeing a mega rally upon the victory announcement of the next US President Donald Trump with Dogecoin DOGE $0.41 24h volatility: 3.8% Market cap: $60.06 B Vol. 24h: $8.84 B leading the pack with a staggering 28% gain in the last 24 hours.
As of press time, the Dogecoin price is trading at $0.2063 with its market cap crossing $30 billion. The DOGE fans are now celebrating Donald Trump’s victory which will increase the chance of Elon Musk going to the White House to lead the Department of Government Efficiency (D.O.G.E).
The Bitcoin bulls need to hold $0.20 for the further rally to continue. If the bulls manage to hold this support, we could be eyeing a parabolic rally all the way to $2.0, considering past DOGE price breakouts and performances.
History hints that November could spark a parabolic bull run for #Dogecoin $DOGE! Keep an eye out for a sustained close above $0.20. pic.twitter.com/8NOLo6Jjoh
— Ali (@ali_charts) October 30, 2024
Dogecoin has been steering the entire meme coin market today, as all the top cryptocurrencies within this sector have gained more than 20% in the last 24 hours, except for Shiba Inu (SHIB) which sees 10% gains.
The entire meme coin market has been on a roll with Republicans coming back to power, in the hope of better crypto policies ahead. Speaking on Donald Trump’s election victory, Tron founder Justin Sun wrote:
“Congratulations to President Trump on becoming the new US President! We hope for crypto-friendly policies that promote industry growth. These changes can make America even greater. Looking forward to success in the crypto space under this leadership!”
As said, apart from Dogecoin, other meme coins have also witnessed gains of a similar magnitude. World’s third-largest meme coin PEPE PEPE $0.000020 24h volatility: 0.4% Market cap: $8.57 B Vol. 24h: $3.93 B saw a 17.5% jump with its market cap surging past $4 billion. This happens amid a strong whale accumulation for PEPE. In the last few hours, the PEPE whales have withdrawn 835 billion coins from crypto exchanges Binance and Gate.io.
Whales are accumulating $PEPE!
In the past hour, 3 whales withdrew 835.6B $PEPE($7.94M) from #Binance and #Gateio!
0x51Cc withdrew 535.81B $PEPE($5.09M) from #Binance.https://t.co/2Bjy1s07j5
0xa586 withdrew 163.37B $PEPE($1.44M) from #Binance.https://t.co/QYR3aPhb00
0xd3B0… pic.twitter.com/UJh1YjqG0B
— Lookonchain (@lookonchain) November 6, 2024
Other meme coins like Dogwifhat WIF $3.30 24h volatility: 5.7% Market cap: $3.29 B Vol. 24h: $1.37 B , Bonk BONK $0.000042 24h volatility: 2.5% Market cap: $3.15 B Vol. 24h: $929.91 M , Popcat POPCAT $1.39 24h volatility: 14.6% Market cap: $1.37 B Vol. 24h: $206.73 M , and Floki Inu FLOKI $0.00023 24h volatility: 0.6% Market cap: $2.18 B Vol. 24h: $633.66 M have all gained between 15-20% today. This development comes as the Bitcoin BTC $95 991 24h volatility: 0.1% Market cap: $1.90 T Vol. 24h: $90.50 B price surges to a new all-time high of $75,000 following the Donald Trump victory today. Altcoins have also participated heavily with Ethereum ETH $3 622 24h volatility: 0.6% Market cap: $436.34 B Vol. 24h: $39.54 B gaining 7% and Solana SOL $234.7 24h volatility: 4.0% Market cap: $111.65 B Vol. 24h: $10.45 B gaining more than 17% in the last 24 hours.
However, the crypto analytics platform BIoFin Academy stated that investors in meme coins could soon be “selling the truth”.
“Although for some meme stocks and meme coins, “selling the truth” may happen in the coming days, selling volatility seems to be a better trading strategy for assets such as BTC and gold. Generally speaking, “selling the truth” seems a common phenomenon after a big event”, they noted.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
