Meme coins surge amid market correction ahead of US election
Release: 2024/11/05 15:34 Reading: 437
Meme Coins Surge Ahead of Presidential Election Amid Market Volatility
In the hours preceding the U.S. presidential election, meme coins have experienced a bullish surge while the broader cryptocurrency market navigates bearish territory.
According to CoinGecko data, the aggregate market capitalization of meme coins has risen by 4.3% over the past 24 hours, reaching $62.3 billion. Their daily trading volume currently stands at $9.3 billion.
Top Meme Coins
- Dogecoin (DOGE): The market-leading meme coin rose by 10.4%, trading at $0.166.
- Shiba Inu (SHIB): SHIB joined the rally, gaining 4.1% to trade at $0.000017.
- Pepe (PEPE): PEPE remained relatively stable, consolidating around $0.0000081.
- Mog Coin (MOG): MOG surged 11%, entering the top 100 crypto assets with a market cap of $738 million.
Market Correction Ahead of Elections
The meme coin rally contrasts with the broader crypto market, which has experienced a downturn. The global crypto market capitalization has declined by $33 billion, reaching $2.38 trillion.
The market-wide correction is likely driven by investor caution ahead of the U.S. presidential elections, which are scheduled to take place today.
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