The wave of excitement that is rippling through crypto has had a cascading effect on the meme market's internet culture. Elon Musk's undying support for the Trump administration has caused Dogecoin prices to fly to multi-month highs. Even Shiba Inu is not left out. Are we witnessing another meme season, or is it the usual meme's flash in the pan? Is there another noteworthy contender as the best crypto to buy now? Let's find out.
Dogecoin price rallies to 7-month high amid Trump’s victory
Dogecoin’s price has recently surged to a seven-month high. It hit $0.21 for the first time since March 2024 amid the excitement surrounding Donald Trump’s victory in the 2024 U.S. presidential election.
The 30% intraday gain that followed the announcement slingshot DOGE into the top-seven crypto by market cap, surpassing the embattled Ripple. The rally was fueled by a combination of Trump’s pro-crypto stance and pre-election support from Elon Musk, who playfully referenced a proposed “Department of Government Efficiency” (D.O.G.E.) initiative.
Seasoned analysts like eToro’s Josh Gilbert suggest the sudden pump could just be the beginning of better days for altcoins like DOGE. The on-chain uptick suggests it truly might—DOGE’s future open interest is on the rise, and over $30M in short positions were liquidated intraday.
Can Shiba Inu reach ATH after the US elections?
Another meme token that got the spotlight was DOGE’s right-hand man, Shiba Inu. The market’s bullish response saw Bitcoin flying high to a new ATH above $75,000 and Shiba Inu following suit with a 9% MoM gain above $0.000019.
Although SHIB’s journey to a new ATH seems lofty, the renewed sentiment and Shiba Inu’s ecosystem growth may be the springboard for a promising trajectory. Shiba Inu’s burn rate has surged by 3674.17% over the past day—a critical factor for potential price gains.
Furthermore, indicators suggest a bullish trend as the MACD line crosses above the signal line, reflecting heightened buying momentum. The SHIB ecosystem is buzzing with activity, boosted by its expanding utility, ecosystem developments, and the introduction of a new game to engage its community.
New paradigm set for post-election run. Is this the best crypto to buy now?
SHIB and Dogecoin price’s positive outlook makes them some of the best cryptos to buy now; the crypto market is set for a post-election moonshot. In fact, the total crypto market cap has blown past multiple resistance and is now heading for a YTD high at $2.65 trillion. The renewed bullish sentiment has set the stage for the soaring demand for innovative solutions.
Lunex Network is another novel solution that may benefit from this surge, especially since DeFi is speculated to grow to a $502B valuation by 2028. It combines the user-friendliness of centralized exchanges with the decentralization and sophistication that DEXs offer. Lunex Network is delivering a newer multichain, AMM, and smart contract backer asset trading standard.
Deflationary tokenomics and passive income are other distinctive features of the Lunex token. Beyond this, token holders get an 18% APY staking yield and cashback, which has fueled its presale success and audacious claims from experts. The presale is enticingly priced at just $0.0019, which means there is room for exponential growth for early investors.
