🚀 Trump’s Victory Ignites a Meme Coin Rally Led by DOGE
posted 6 Nov 2024
On November 6, Dogecoin (DOGE), one of the first and most iconic meme coins, shot up by more than 20% as Donald Trump surged to the front in the U.S. presidential race. DOGE is now poised to challenge XRP for the #7 spot in the crypto market rankings.
Such a rise is unlikely to be mere coincidence, as billionaire Trump ally Elon Musk has, in a veiled manner, regularly promoted the Shiba Inu meme and its associated meme coin, DOGE, on the social platform X.
DOGE/USDT Trading Pair Chart Source: WhiteBIT
Trump’s lead also pushed up other cryptocurrencies and meme tokens. Solana (SOL), an L1 blockchain coin, surged by roughly 13% over the day, gaining more than BTC and ETH amid speculation that a Trump administration could make a U.S. spot Solana ETF more viable—though this remains speculative.
This rise enabled SOL to leapfrog Binance’s BNB, securing the #4 spot in crypto market capitalization.
Several meme tokens also saw significant one-day growth, including POPCAT (+17%), GOAT (+32%), MUMU (+25%), APU (+24%), ANDY (+33%), and PNUT (+34%). Check out our dedicated article exploring the reasons behind meme coin popularity.
Political-themed meme tokens with low market caps, especially those linked to Donald Trump, experienced dramatic gains, with many rising over 100%, while tokens connected to Kamala Harris fell over 90%. Curiously, the MAGA (TRUMP) token dipped around 20% over the day.
Read on: The Wild World of Creative Memecoins
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