Major meme coins rise following Trump's victory

The largest meme coins by market capitalization are experiencing a notable surge following the results of the U.S. presidential elections.

According to CoinGecko, the market cap of the meme coin sector has surged over 24% in the past 24 hours.

Factors Behind the Increase in Meme Coins

The leading cryptocurrency in the "meme" category, Dogecoin (DOGE), has seen its value rise nearly 23% in the last day. As of the time of writing, the meme coin is trading at $0.2064.

Meanwhile, Shiba Inu (SHIB) experienced a price increase of 9.3%, reaching $0.00001921. Pepe (PEPE), another top contender, jumped nearly 17%, currently priced at $0.059494.

See also: Crypto trader lists top altcoins with 100x growth potential after U.S. elections.



Top 5 meme coins by market capitalization. Source: CoinGecko

Peanut the Squirrel (PNUT) token showed the highest increase in the meme coin sector over the past day, soaring by 132%. The DOGE-associated Department Of Government Efficiency (DOGE) token surged 70.9%.



Top 5 meme coins by daily percentage gain. Source: CoinGecko

Experts link the rise in meme coins to investor expectations regarding future regulatory policies in the cryptocurrency market. Chris Chan, CEO of Titan, pointed out that prior to the U.S. presidential elections, the crypto market experienced low volatility, with traders adopting a wait-and-see approach.

The election outcomes brought additional uncertainty, which spurred greater interest in riskier assets, including "meme" coins.

"Given that meme coins have low liquidity and market capitalization, it’s not surprising to see their sharp rises during a general crypto rally. However, if the market crashes, we will likely see similar declines in the meme coin sector," noted Ryan Rasmussen, Head of Research at Bitwise Asset Management.

Conversely, the main meme coin associated with the 47th president of the United States, Donald Trump, has not shown similarly positive movements. Over the past 24 hours, the MAGA (TRUMP) token increased by 23.1%.

The overall cryptocurrency market capital increased by 6.6% in the past day. Bitcoin (BTC) set a new all-time high (ATH) at $75,358, marking an almost 8% gain.

Read more: The cryptocurrency community reacts to Bitcoin's new peak and makes forecasts.



Bitcoin’s ATH on a 24-hour chart. Source: CoinGecko

The heightened interest in meme coins, particularly DOGE, may also stem from the fact that this token is a favorite of Elon Musk.

The CEO of Tesla and SpaceX is an active supporter of the election winner Donald Trump, who has promised to appoint the billionaire as the head of the proposed Department of Government Efficiency (D.O.G.E).