The top-performing cryptocurrencies on Nov. 6 include memecoins like Dogecoin (DOGE tickers down $0.1963), Dogwifhat (WIF tickers down $2.36), and Brett (BRETT tickers down $0.08942), which demonstrate the Trump-fueled fervor that drove the cryptocurrency market.
The market value of memecoin reaches all time high
Due to the recent surge in memecoins, the industry’s overall market value increased to $66.72 billion on November 6, a seven-month high.
On April 1, the memecoin market cap hit a high of $69.8 billion, the last time it was over $66 billion. Over the past day, the total market value of cryptocurrencies in this industry has increased by 21%.
On April 1, the memecoin market cap hit a high of $69.8 billion, the last time it was over $66 billion. Over the past day, the total market value of cryptocurrencies in this industry has increased by 21%.
The magnitude of the buy-pressure that has been present in the memecoin sector over the last 24 hours is demonstrated by the fact that the total daily trading volume has surged by more than 200% over the same time period.
Leading the gains with increases of 14.5% over the last day and 72% over the past month was Dogecoin, the largest memecoin by market value. DOGE’s competitor Shiba Inu is down $0.00001884
was also up, seeing daily gains of 5%.
Trump related memecoins are exploding
The market capitalization of political memecoins has also surged, rising 17% in the past day to reach $640 million, according to further data from CoinMarketCap.
Furthermore, these memecoins’ 24-hour trading volume surpassed $400 million, representing an 87% increase over the same period.
On November 6, the market value of the top five political memecoins increased, with the majority of them having something to do with Trump (see figure below). On the other hand, Harris is associated with the political memecoins that have had the biggest drops over the last day.
Following a Trump victory in the US presidential election, the euphoria in the cryptocurrency market about the potential for a crypto-friendly business climate was reflected in the surge in memecoins, especially those relating to Trump.
Trump won the 2024 US presidential election with 277 electoral college votes, seven more than the 270 needed to win the presidency, according to Associated Press statistics at the time of publishing.
Trump positioned himself as a pro-crypto candidate throughout the elections, promising the crypto community a number of things. As investors take more risks, these assurances have raised industry expectations for the new president.
This spike has been sparked by Trump’s explicit support for cryptocurrencies, as many investors believe that a Trump victory would pave the way for widespread acceptance and regulation that is both advantageous and essential for Bitcoin’s further growth, Green argued.
Trade analysts predict that a combination of increased demand, market emotion, and policy expectations under a Trump government may propel Bitcoin to as high as $80,000 in the near future.
It’s not unrealistic to expect Bitcoin to reach $80,000. “Market dynamics are coming together in a perfect storm,” said Green.
As the whole cryptocurrency market capitalization approached $2.5 trillion, up 9% in a single day, other cryptocurrency tokens also saw advancements.
