30s Summary
The memecoin sector has witnessed a surge driven by the impact of President Trump’s influence on the crypto market. The total market cap hit a seven-month high of $66.72 billion on Nov. 6, with a day on day increase of 21%. Moreover, total daily trading volume soared by more than 200%. Dogecoin led the rally, while political memecoins themed on Trump experienced growth of 17%. Rise in open interest was also seen, indicating further expected price increases. Trump’s recent election win and pro-crypto stance have sparked optimism in the industry.
Full Article
On November 6, fun digital currencies like Dogecoin (DOGE), Dogwifhat (WIF), and Brett (BRETT) have been outperforming in the crypto arena. Their smashing progress has been driven by a wave of excitement stirred up by Trump and his pull on the crypto market.
In fact, the whole memecoin sector has witnessed a surge. The total value or market cap of the area is experiencing a seven-month high, hitting $66.72 billion on Nov. 6. This harks back to April 1, when the memecoin market cap also surpassed the $66 billion mark peaking at $69.8 billion. Over the past day, the whole value of the currencies in this sector has risen by 21%.
In just 24 hours, total daily trading volume for memecoins has soared by more than 200%. This shows the strong demand and buying trend in the sector. Leading the rally was Dogecoin, the memecoin with the biggest market cap. It saw a 14.5% rise in the last day itself, and a whopping 72% gain over the past month. Shiba Inu (SHIB), Dogecoin’s rival, and Ethereum-based Pepe (PEPE) also had a great day with 5% and 12.6% gains respectively.
Even politics is sneaking into the game as memecoins themed on Trump are soaring. The total value of these political memecoins jumped by 17% in 24 hours, crossing the $640 million line. The 24-hour trading volume for these coins even went over $400 million, seeing an 87% rise over the same time. Clearly, Trump-related tokens are the hot topic now, corresponding to the overall buoyant mood in the crypto market awaiting a crypto-friendly climate under the Trump administration.
According to the Associated Press, Trump has indeed clinched the 2024 US presidential election with 277 electoral college votes which is seven more than the necessary 270. He campaigned as a supporter of crypto, promising many a thing to the crypto community, sparking optimism in the industry for his forthcoming term.
In addition to the rising memecoin prices on Nov. 6, there has also been a surge in open interest, indicating that traders are expecting even more price increases. This includes NEIRO which witnessed a 47% increase in open interest over the past day. Similarly, PEPE and DOGE saw their interest jump nearly by 40% and 27% respectively.
Remember though, every investment move comes with its share of risks, so make sure to do your own research and be informed before you dive in!