Dogecoin $DOGE leads the performance in 2024 with a 430% increase, driven by Donald Trump's victory and Elon Musk's support. Meanwhile, Solana consolidates its dominance as a key platform for 'meme coins' and stands out for its record activity in transactions.
Almost all cryptocurrencies experienced a strong rise after the elections in the US.
The best-performing token as of November 2024 is Dogecoin, considered by many as the first 'meme coin' in the industry. However, the performance of Solana, Binance Coin, and of course, Bitcoin, which ranks fourth in the list, stands out.
Like many other tokens, Dogecoin saw a massive increase after Donald Trump's victory in the 2024 presidential elections. This places it in seventh position by market capitalization, above projects considered more solid in the industry, such as Cardano or Avalanche.
According to PinPoint Macro Analytics data, both investors and speculators trust that the incoming administration will be favorable to cryptocurrencies. Another influencing factor, especially for Dogecoin, is Elon Musk's growing role in the government.
Musk, a known advocate for cryptocurrencies, has expressed his support for Doge on multiple occasions through tweets and interviews. The possible creation of the Department of Government Efficiency (D.O.G.E) also sparked an increase in interest in Dogecoin, which as of this Monday surged more than 430% to $0.414.
