After a significant adjustment in the past 24 hours, the price of meme coins has soared above other assets. Unlike other currencies that are less affected by similar events, meme coins are known for their volatile emotional swings. The main reasons most tokens have maintained their upward momentum are increased community engagement, periodic gains for most traders, and election sentiment.
Meme Coin market cap exceeds $60 billion
As of the time of publication, the market cap of meme coins stands at $60.3 billion, maintaining this level despite declines in other areas. Several categories of meme assets, including political assets, are performing well, garnering user support. In the past 24 hours, cryptocurrency prices have risen by 4.43%, with daily trading volume reaching $76 billion.
From this perspective, Bitcoin recorded a 3% outflow of funds on the last day, while Dogecoin rose by 7.3%. Meme coins like Shiba Inu and PEPE also showed an upward trend during the same period. Political coins saw the largest increase, with MAGA's inflow rate at 21.8%. After analysts pointed out a meme coin frenzy in the first quarter of 2024, Solana meme coins also experienced a rise.
"The buzz around Solana meme tokens is undeniable, and $WIF is leading the charge. @dogwifcoin is a true player in the Solana ecosystem. With a market cap of $2.2 billion, this is not just another meme token; it’s a movement! Get in early, as $WIF has already made significant progress, breaking expectations. Where will $WIF peak in this cycle?" crypto trader Luciano BTC wrote on X (formerly Twitter).
Election Campaign Spark Meme Coin
In the past 24 hours, multiple tokens have surged by 100 times, enhancing the value of the meme ecosystem. BUU is the token with the highest increase, surging 601% today, followed by Wiz and Goatseus Poppimus with increases of 342% and 154%, respectively. The crypto community has maintained the upward trend of meme tokens to keep them in a favorable position before the next price fluctuation.
Last month, meme coin bulls accumulated a significant amount of tokens and realized substantial profits. Ultimately, the frenzy over the U.S. elections is the main driver behind the rise of meme coins. With market expectations that cryptocurrency policies will be favorable, inflows can be anticipated from previous cycles. Both Donald Trump and Kamala Harris have pledged to support innovation in the industry. The current administration still has disagreements with the industry, coupled with the SEC filing multiple lawsuits against several companies.
