The memecoin category of cryptocurrencies is currently experiencing a strong surge in price levels going into the United States election day.
Top memecoins that are not even PoliFi tokens themed after political figures seem to be benefiting from the Buzz of the US presidential elections surging to new heights.
The total market capitalization of the memecoin category surged by 4.3% in the last 24 hours hitting $62.3 billion. The daily trading volume of the memecoin is currently around the range of $9.3 billion.
The data was revealed by trusted coin aggregator Coingecko listing the price action of the top 5 memecoins by Market capitalization and their gains in the last 24 hours.
Leading the pack was Dogecoin which surged by 12.1% in the last 24 hours and is currently exchanging hands for $0.1685. The memecoin is the leading memecoin by market capitalization with a market cap of $24.7 billion at the time of writing.
Dogecoin sits at number 8 on coingecko’s top 100 list of crypto tokens by market capitalization.
The second position goes to Shiba Inu which joined the bull rally of the memecoin sector surging by 5.7% in the last 24 hours. Shiba Inu is currently exchanging hands for $0.000017 with a market capitalization of $10.412 billion at the time of the report.
Finally, the third memecoin on the list is Pepe which witnessed a very minute increase. The frog-themed memecoin surged by only 1.3% in the last 24 hours with its market cap maintaining the $3.4 billion range.
Notable mention goes to MOG coin which entered the list of top 100 crypto assets by market cap following an 11% surge in price. The MOG coin memecoin is another pointer to the current surge sweeping through the meme coin sector of the crypto market.
Memecoins Surge while other assets slow down
The Memecoin category is the only category of the crypto market in a bull rally as the United States heads to the poll today. Other crypto assets are cooling down and this is reflected in the general market capitalization of crypto assets.
The Total market capitalization decreased by $33 billion in the last 24 hours reaching $2.38 trillion.
The spot Bitcoin exchange-traded funds (ETF) also witnessed its second-largest net outflow with $541.1 million leaving the funds. This drop is a result of investors taking caution ahead of the US elections
What to Know
- Memecoins are crypto assets themed after internet memes or public figures. They are usually driven by the strength of their community and often lack real-world utility.
- Memecoins are very volatile and are quite notorious for sudden double-digit losses. Trading memecoin is a very risky venture and traders are advised to invest what they can only afford to lose.