Memecoins Surge as U.S. Election Buzz Fuels Price Rally

The memecoin category of cryptocurrencies is experiencing a significant surge in price levels as the U.S. presidential election approaches. Even top memecoins that are not directly related to political figures or PoliFi tokens are benefiting from the excitement surrounding the election, pushing their prices to new heights.

In the last 24 hours, the total market capitalization of the memecoin category has increased by 4.3%, reaching $62.3 billion. Daily trading volumes have also risen, with memecoins trading at approximately $9.3 billion.

Leading Memecoins by Market Capitalization

The price action of the top 5 memecoins by market capitalization was revealed by Coingecko, a trusted cryptocurrency aggregator, showing significant gains across the board.

Dogecoin (DOGE) led the charge, surging by 12.1% in the last 24 hours. Dogecoin is currently priced at $0.1685 and maintains its position as the leading memecoin with a market capitalization of $24.7 billion. It ranks 8th on Coingecko's list of the top 100 cryptocurrencies by market capitalization.
Shiba Inu (SHIB) followed, experiencing a 5.7% price increase. Shiba Inu is now trading at $0.000017 with a market cap of $10.412 billion.
Pepe (PEPE), the frog-themed memecoin, saw a modest increase of 1.3%, with its market cap holding steady at $3.4 billion.

A notable mention goes to MOG Coin, which has now entered the top 100 crypto assets by market capitalization after an 11% price surge. This rise highlights the current momentum sweeping through the memecoin sector.

Memecoins Rally While Other Assets Slow Down

As the United States heads to the polls, memecoins are enjoying a bull market, even as other cryptocurrencies cool down. The overall crypto market capitalization dropped by $33 billion in the last 24 hours, settling at $2.38 trillion.

Meanwhile, Bitcoin exchange-traded funds (ETFs) saw their second-largest net outflow, with $541.1 million withdrawn as investors exercise caution ahead of the U.S. elections.

What You Should Know About Memecoins

Memecoins are crypto assets inspired by internet memes or public figures. They are often driven by their communities and typically lack real-world utility. Memecoins are known for their high volatility, and their prices can experience sudden, dramatic swings—both upward and downward.

Because of this, trading memecoins is a risky venture, and investors are advised to only invest money they can afford to lose.