Today has been an exciting day for memecoins, which have risen along with the overall cryptocurrency market. This increase reflects traders' optimism towards a Trump administration more open to the idea of digital assets.
Altcoins in Detail🔎
On November 11, many memecoins skyrocketed as the entire cryptocurrency market showed positive signs, amid an expansion of market capitalization and trading volume.
DOGE has more than doubled its value in the last seven days and has risen by 43% in the last 24 hours. Its rival, SHIB, has risen by 14% on the day and has gained more than 65% in the previous week. PEPE and WIF have risen by 16% and 6% in the last 24 hours, respectively.
Performance of the Largest Market Cap Memecoins
Let's look at the factors driving memecoins today.
Enthusiasm for a Pro-Crypto Trump Administration Boosts Memecoins 🚀
Memecoins are not rising in isolation. Their increase is part of a broader market rally that has seen the total sector capitalization exceed $3 trillion on November 12. The last week has seen more than one historic peak for Bitcoin (BTC), which is moving towards the long-awaited $100,000 level after approaching $90,000 during the early trading hours in Asia on November 12. The pioneering cryptocurrency has risen by 33% since November 5, when Americans voted in an election that saw Donald Trump as the winner of the presidential race.
The cryptocurrency community is optimistic that the Trump administration will implement favorable policies for cryptocurrencies that will facilitate business growth in the sector. In a video shared in a post on August 29 on X, Trump said:
> 'This afternoon, I am presenting my plan to ensure that the United States becomes the global capital of cryptocurrencies. They want to suffocate you. They want to take you out of business. We are not going to let that happen.'
As a result, cryptocurrencies embarked on an upward movement following Trump's decisive victory, who secured 312 electoral votes against 226 for Vice President Kamala Harris. Now that Republicans control both Chambers, expectations are rising regarding Trump's ability to easily pass cryptocurrency-friendly legislation.
Market participants are optimistic about the future of cryptocurrencies, with independent analyst More Crypto Online predicting that DOGE will surpass one dollar by the end of the year. Analyst Mikybull Crypto believes that 'price targets of $2 to $4' are possible for DOGE in this cycle.
These two predictions highlight the level of market optimism, which is driving Dogecoin and other memecoins upward.
The Market Capitalization of Memecoins Explodes to a Historic High of $112 Billion 💵
Data from CoinMarketCap shows that the total market capitalization of memecoins has doubled in the last seven days, rising 103% from $55 billion on November 5 to $112.3 billion on November 12. This figure is 25% higher than the previous peak of $90 billion reached during the bull market.
The added value of cryptocurrencies in this sector has risen by more than 400% so far this year.
The total daily trading volume in the memecoin sector has increased by more than 720% between November 5 and November 11.
This is corroborated by data from Dune, which reveals that weekly transaction flows of memecoins across all blockchains, including Ethereum and Solana, have collectively grown by $360 million during the week ending November 8, a 136% increase from $152 million the previous week.
The accumulated trading volume of all memecoins has crossed the $50 billion mark, reaching $53 billion at the close of this edition.
Massive Cryptocurrency Liquidations Accompany Memecoins Surge 🔥📊
Data from CoinGlass shows that the current recovery in the cryptocurrency market has wiped out over $692 million in leveraged positions in the last 24 hours, with over $50 million in short positions of DOGE and more than $2.9 million in long positions of SHIB representing the majority of liquidations within memecoins.
Similarly, over $3.46 million in long positions of WIF and $2.28 million in long positions of PNUT were liquidated during the same period.
Cryptocurrency prices, including memecoins, are positively affected when short positions in derivatives are liquidated, as the growing buying pressure and high trading volume on the demand side outweigh the short sellers.
This article does not contain investment advice or recommendations. All investments and trading operations carry risks, so readers should conduct their own research before making a decision.