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 a new all-time high price of $75,409. The memecoin and AI crypto sectors have attracted investors in the events leading up to election day.
According to Ryan Rasmussen, head of research at Bitwise Asset Management, a surge in activity in the memecoin arena is an indication that retail investors are actively participating in the crypto arena. Rasmussen told CNBC that 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.
Memecoin market cap and daily trading volume. Source: CoinMarketCap
