Meme Coins Explode as Trump Wins Bitcoin Election
The post Meme Coins Explode as Trump Wins Bitcoin Election appeared on BitcoinEthereumNews.com.
Crypto traders rejoiced as pro-Bitcoin candidate Donald Trump won the US Presidential election in 2024, leading to numerous potential changes throughout the industry. Cryptocurrency exchanges, institutions and firms threw their weight behind the Republican candidate through donations to political action committees and the event, dubbed “the Bitcoin election” on social media platforms, catalyzed gains in several categories of cryptocurrencies, most notably in meme coins. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), among other meme tokens rallied in nearly double-digits in the last 24 hours. Meme coins inspired by Donald Trump suffered a correction, and failed to recover even as Trump emerged victorious in the election. Michael Saylor, founder and Chairman of MicroStrategy, one of the largest public holders of Bitcoin said, “We have a Bitcoin President,” in a tweet on X, signaling the sentiment among crypto traders. Donald Trump wins U.S. Presidential election, dubbed “Bitcoin election” Bitcoin (BTC), the largest cryptocurrency, set a record high on election night, at $76,244, following Donald Trump’s win in the 2024 Presidential elections in the U.S. Meme coins, DOGE, SHIB, PEPE, WIF, BONK rallied alongside Bitcoin, posting nearly double-digit gains. Donald Trump is popular among crypto traders as the Bitcoin President and post election results, the market capitalization of crypto climbed nearly 0.5%, per CoinGecko data. Cryptocurrency market capitalization crossed $2.67 trillion, on Friday, November 8. Meme coin inspired by Donald Trump, MAGA (TRUMP) observed a 7% decline on Friday, at the time of writing. Crypto traders turned “extremely greedy” on a scale of 0 to 100, on the crypto fear and greed index, reflective of the sentiment among market participants on Thursday. Typically, “extreme greed” is associated with an impending correction in the crypto market. The indicator dipped to 75, implying “greed” is prevalent among traders. Crypto fear and greed…
Filed under: News - @ November 8, 2024 5:22 pm