As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by this unusual market behavior. Meme coins, often dismissed as mere jokes, are proving their mettle yet again, surging while the broader market is in a bearish mood.
In simple terms, meme cryptocurrencies saw a surge in positive momentum mere hours preceding the U.S. presidential election, despite the larger market remaining within a downtrend.
Based on figures from CoinGecko, it’s been noted that the overall value of meme coins has grown by approximately 4.3% within the last day, amounting to around $62.3 billion. At present, the daily trading volume stands at roughly $9.3 billion.
In the last 24 hours, Dogecoin (DOGE), the most prominent meme coin based on market value, increased by about 10.4%. Currently, it’s being traded at approximately $0.166. Its market capitalization stands at a whopping $24.4 billion, placing it as the eighth-largest cryptocurrency in existence.
Today, Shiba Inu (SHIB) has been swept up in the broader sector’s positive trend, experiencing a 4.1% increase. Currently, SHIB is being traded at approximately $0.000017 and boasts a market capitalization of around $10.3 billion as reported now.
Pepe (PEPE) barely moved over the past day and has been consolidating around $0.0000081.
As a crypto investor, I’m thrilled to see that Mog Coin (MOG) has made its way onto the list of top 100 digital assets. This remarkable leap was fueled by an impressive 11% rise over the past 24 hours. At the moment, each MOG is trading at around $0.0000018, and the total market capitalization stands tall at a staggering $738 million.
Bears ahead of elections
Despite a general downtrend across the major cryptocurrencies, the value of meme coins is surging.
Based on an article from crypto news, it’s been reported that the total value of the cryptocurrency market dropped by approximately $33 billion within the last 24 hours, now standing at around $2.38 trillion.
On November 4th, there was a significant withdrawal of approximately $541.1 million from U.S.-based Bitcoin (BTC) exchange-traded funds, marking one of their second-largest outflows. This event caused BTC to drop below the $69,000 price range, as bears took control of the market.
Investors are adopting a cautious stance towards fluctuating investments prior to today’s U.S. presidential elections, leading to a broader adjustment in market values.
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2024-11-05 10:42