The recent U.S. presidential election has caused a frenzy within the world of cryptocurrency, with memecoins emerging as unexpected victors.
Previously regarded as nothing more than internet jokes, these digital currencies have witnessed a remarkable increase in their combined market capitalization, soaring from $55 billion on election day to an astounding $116 billion currently.
This represents a staggering 108.28% surge, as reported by CoinMarketCap. It is worth highlighting that memecoins achieved an all-time high (ATH) in market capitalization just last week.
The surge has been fueled by investor excitement and the widespread influence of internet culture, leading to a substantial spike in trading volumes. Since the election day, trading volume has skyrocketed by close to 300%, reaching $25.41 billion.
In the past 24 hours alone, the market has seen a 1.75% increase, continuing its bullish momentum and setting the stage for increased mainstream recognition.
Performance of Leading Memecoins
Upon closer inspection by CryptoCrypto, it has become evident that the top memecoins have significantly contributed to the explosive growth of the market. Dogecoin [DOGE] represents nearly half of the total market capitalization, with a valuation of $57.33 billion.
At present, the canine-themed token is trading at $0.3908, showing a 5.11% rise in the last 24 hours. Moreover, DOGE has experienced a triple-digit surge over the past month, recording an impressive 176.55% increase.
Shiba Inu [SHIB], often dubbed as the “DOGE-killer,” has also demonstrated a strong performance. Currently trading at $0.00002553, SHIB has registered modest daily gains of 0.93% but boasts a solid 37% increase over the past month.
On the other hand, Pepe [PEPE] experienced a slight daily decline of 4.06% and is currently trading at $0.00002018. However, it has maintained its momentum with a notable 95.50% growth over the past month.
The Resurgence of Retail Investors
The memecoin craze has not been limited to the financial markets; it has also captured the attention of the general public. According to Google Trends, searches for “memecoin” have reached an all-time high, indicating a significant surge in interest and participation from retail investors.
This surge mirrors the broader enthusiasm surrounding cryptocurrencies following the election outcome, where digital assets are gradually gaining prominence in mainstream financial conversations.
Memecoins Lead the Way in Gains
Memecoins are not just riding the wave; they are dominating it. The latest addition to the crypto space, Peanut the Squirrel [PNUT], has surged to the top of the weekly gainers’ list with an impressive 213.67% increase.
Other notable performers include Bonk [BONK], claiming the seventh spot in terms of growth with a 73.06% increase, and PEPE securing the eighth position with a 48.40% weekly gain.
Even within the top 500 cryptocurrencies, memecoins have made a significant impact. Dasha [VVAIFU] led the pack with a remarkable 352.85% weekly surge, followed by Mr. Miggles [MIGGLES] at 272.46%, and Comedian [BAN] with a 236.87% increase.
The meteoric rise of the memecoin market showcases its unique ability to blend financial speculation with online culture. Despite their appealing gains, these assets remain highly volatile, presenting risks alongside rewards.