Memecoins like Dogecoin, Dogwifhat, and Brett have outperformed the broader crypto market following Trump’s victory in the just-concluded U.S. presidential elections. In the last 24 hours, the memecoins’ aggregate market value in crypto has shot up by 24%. At the same time, the trading volume in the meme coin sector has pumped over 200%.
According to data from crypto data aggregator CoinmarketCap, Dogecoin has soared by more than 15% in the last seven days and is up 9% in the last 24 hours, while Shiba Inu has largely remained unchanged. Bitcoin has also surged to an all-time high price of $75,409. The memecoin and AI crypto sectors have attracted investors in the events leading up to election day.
Pepe and Dogwifhat memecoins soar amid Trump’s election victory
Pepe has witnessed an upsurge of 7.14% in the last 24 hours, although the memecoin is down 4% in the last seven days. Dogwifhat is up 7.48% in the last 24 hours but has declined by 8% in the last seven days. On the other hand, Bonk has surged by 11.18% in the last 24 hours and is up 3.26% in the last seven days.
Popcat is down 8.9% in the last seven days but has surged by 11.68% in the last 24 hours. Floki and Brett are up 7% and 9%, respectively, in the last 24 hours despite declining by 6.23% and 8.72% in the last seven days.
According to Forbes data, AI crypto projects have also witnessed increased activity from retail investors. NEAR protocol and artificial superintelligence alliance are up 4% and 11.11% in the last 24 hours, respectively. On the other hand, Arkham has risen 24% in the last 24 hours and has soared by 31% in the last seven days.
The data shows that most memecoins and AI crypto projects have experienced a recent surge in the last 24 hours, which coincides with the timeframe in which Trump won the presidency.
Industry experts speak on the memecoin frenzy
It's crazy when you think about it, but the Department Of Government Efficiency (DOGE) could actually become a US gov agency.
Some of my thoughts here 🐶https://t.co/CzE09FpBDi
— Nic (@nicrypto) November 6, 2024
Ryan Rasmussen, head of research at Bitwise Asset Management, told CNBC that a surge in activity in the memecoin arena is an indication that retail investors are actively participating in the crypto arena.
According to Rasmussen, memecoins are attractive to retail investors since they have low market caps and liquidity. The executive noted that seeing memecoins gain momentum alongside the broader crypto industry is not surprising.
“Given that memecoins have low market caps and liquidity, I’m not surprised to see them skyrocketing alongside the broader crypto rally. If crypto sells off, I’d expect the same outsized move in memecoins to the downside.”
Ryan Rasmussen
Nic Puckrin, Co-founder and CEO of popular crypto education platform Coin Bureau, said that Dogecoin specifically could surge due to Elon Musk’s long-term association with the memecoin.
Trump also hinted at appointing Elon Musk as the head of the Department of Government Efficiency when he assumes office. Many crypto enthusiasts have associated the department’s initials with DOGE, the memecoin.
Trump’s public remarks on his proposed reforms to support the crypto and AI industries have seen him win votes from the industries’ participants. Polls from offshore crypto betting websites Polymarket before Trump’s official win indicated that 99% of bets were placed in favor of Trump’s victory.
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