Dogecoin Leads Memecoins’ Election Rally: PEPE & WIF Follow
- Dogecoin leads the memecoin rally during the US election, securing a monthly surge of 80%.
- Shiba Inu, Pepe, and dogwifhat also show remarkable performances during the memecoin rally.
- Analysts link Dogecoin’s rally to Elon Musk’s support for Trump who is projected to win the election.
Dogecoin, a popular memecoin backed by tech billionaire Elon Musk, has seen a significant surge amidst the 2024 US Presidential election. Surging by almost 16% in the last 24 hours, DOGE has become one of the top performers of the period. While Bitcoin has reached a new all-time high of $75.3k, memecoins like Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF) have also exhibited strong performances.
As of press time, DOGE is trading at $0.1943, marking a monthly surge of nearly 80%. Investors’ increasing interest in Dogecoin is highlighted by the staggering 242% hike in its 24-hour trading volume. In addition, DOGE has surpassed XRP in market cap, becoming the 7th largest token.
Elon Musk’s Role in Dogecoin’s Rally
With many Republican candidates securing their seats in the election, former President Donald Trump is leading the rally against the Democratic candidate Kamala Harris. While many anticipates the future US crypto market secure in the hands of Trump, the digital assets are showing a positive response.
Musk was one of the most known supporters of Trump. He is considered the largest contributors to Trump’s election campaigns. This makes analysts connect Dogecoin’s massive rally to Trump’s possible win. In September, Trump declared that he would appoint the Dogecoin proponent Musk to a government efficiency commission. Refelcting on this development, Nic Puckrin, crypto education platform, Coin Bureau’s CEO stated,
Dogecoin specifically could also be rallying on “the very real prospects that Elon Musk [a long-time Dogecoin proponent] could be appointed to head the Department of Government Efficiency in a Trump admin.
Memecoins Surge Ahead of Election Results
In addition to DOGE, other prominent memecoins like SHIB, PEPE, and WIF have also secured notable gains. Aligning with the market’s overarching positive trend, Shiba Inu has increased by 5%, while PEPE and WIF have experienced more notable gains of nearly 13%. As of press time, SHIB is trading at $0.000018, while PEPE and WIF are at $0.059272 and $2.33, respectively.
The post Dogecoin Leads Memecoins’ Election Rally: PEPE WIF Follow appeared first on CryptoTale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.
OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.
New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More
