📈 MEMECOINS outperform BTC as TRUMP WINS election!
Memecoins, including Dogecoin (DOGE) and Trump-themed tokens, are skyrocketing after Trump’s election win, sparking a wave of positive sentiment across the crypto market. DOGE and other popular tokens like Dogwifhat (WIF) and Brett (BRETT) are leading the rally, with Dogecoin itself up 14.5% over the last 24 hours and 72% for the month.
With renewed enthusiasm, the total market cap for memecoins reached $66.72 billion on Nov. 6—the highest since April. Daily trading volume for the memecoin sector surged over 200%, indicating significant buy pressure from traders seeking quick gains amid the Trump-related optimism.
Political tokens linked to Trump spiked, pushing the political memecoin market cap up by 17% in a single day, surpassing $640 million. Notably, trading volume in this segment rose by 87%, with Trump-aligned tokens outperforming, while tokens linked to Vice President Harris saw declines.
Open interest (OI) for memecoins is also up, with Dogecoin reaching $1.7 billion in OI, reflecting a 27% increase over the last day. This uptick in OI suggests growing bullish sentiment as leveraged traders bet on further price rallies.
Memecoin traders are betting big, fueled by expectations for a more crypto-friendly regulatory environment under a Trump administration. Trump’s pledges to support crypto have triggered a wave of risk-on sentiment, pushing memecoins to new highs. Will the momentum last, or is a correction around the corner? The days ahead will tell.
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