Donald Trump's victory in the 2024 US presidential election has stirred excitement among cryptocurrency traders. This event, dubbed the 'Bitcoin election,' has instigated substantial changes in the crypto market, particularly in the meme coin sector.
Trump Wins US Presidential Elections
Donald Trump was elected President of the US in the 2024 elections, leading to Bitcoin's rise to a record high of $76,244. Known among crypto enthusiasts as the 'Bitcoin President,' Trump's victory impacted cryptocurrency market capitalization and meme coin rates such as DOGE, SHIB, and others. However, the Trump-inspired meme coin MAGA (TRUMP) declined by 7%. Market participants expressed extreme greed, which may herald a correction soon.
Meme Coin Market Grows 17% Overnight
Meme coins led the current crypto market cycle growth, with their market capitalization increasing by 17% to $75.24 billion. Among the top 10 meme coins by market capitalization were DOGE, PEPE, BONK, POPCAT, FLOKI, and others. The rise in open interest on derivative exchanges reflects positive expectations among traders for these tokens. The trading volume for meme coins was $15.48 billion.
Top 3 Meme Coins to Watch
Dogecoin is trading at $0.197620 and could gain another 6% if it surpasses resistance at $0.21. SHIB is set to test the level of $0.00001548, which could result in a 14% increase. PEPE, having overcome previous downturns, shows potential for growth and may reach resistance at $0.00001197.
Trump's victory has significantly impacted the crypto market, especially meme coins. It will be interesting to observe how Trump's future political actions and market participants will affect the stability of such cryptocurrencies as DOGE, SHIB, and PEPE.
