As a seasoned analyst with over two decades of experience in the financial markets, I must admit that I’ve never seen such a rapid and consistent growth in the meme coin sector as we are witnessing now. The surge in interest from investors, coupled with the influence of political events like the U.S. elections, has created an environment where these coins can thrive.
meme-based cryptocurrencies are surging forward as the overall crypto market experiences consistent growth, with Dogecoin taking the lead among them.
As per information from CoinGecko, the overall value of meme coins soared by approximately 18% within the last 24 hours, reaching a staggering $94 billion. Furthermore, the daily trading volume in this sector skyrocketed to around $51 billion, indicating robust investor engagement.
The meme coin rally started last week as the Republican candidate Donald Trump won the U.S. presidential elections.
Currently, Dogecoin (DOGE) dominates its class, boasting a market capitalization of approximately $41 billion, positioning it as the sixth-largest digital currency. In the past week, DOGE has surpassed Ripple (XRP) and USD Coin (USDC).
Dogecoin, the popular meme cryptocurrency, soared as the highest earner, jumping approximately 24% within the last day. Currently, it’s being traded at around $0.28 per unit.
Moreover, Dogecoin even breached a three-year high of $0.301 earlier today.
SHIB, WIF, GOAT take advantage
Dogecoin’s rally brought positive sentiment to other meme coins as well.
On November 10th, Shiba Inu (SHIB) soared by approximately 40% after its lead developer, Shytoshi Kusama, proposed creating a strategic cryptocurrency hub within the United States. This proposal led to SHIB reaching a five-month peak of $0.0000278 shortly afterward.
Following a swift adjustment, Shiba Inu once more picked up speed, surging by 12% during the last 24 hours. At present, trades are being made at approximately $0.000025 per asset, giving it a market capitalization of around $14.7 billion.
As a crypto investor, I’ve noticed an impressive 20% surge in Dogecoin (WIF) over the past 24 hours, with its current trading price standing at $3 as I write this. This digital currency is now holding a market capitalization of a staggering $3 billion, positioning it as the fourth-largest meme coin in the crypto world.
On Sunday, Goatseus Maximus, a relatively new meme coin in the market, experienced a 20% surge. This push brought its market value close to the $1 billion threshold. Yet, just before reaching this significant mark, the meme coin underwent a price adjustment.
Contrary to recent declines, GOAT has increased by 3.3% during the last 24 hours and is currently valued at $0.814. The company’s market capitalization stands at approximately $814 million, with daily trading volumes exceeding $300 million.
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2024-11-11 10:54