- Meme coins exhibit bullish momentum in the light of the US election.
- MOG Coin is the top gainer of the day, gaining over 9%.
The crypto industry has briefly recovered from the prolonged downside pressure. The global crypto market cap is up 2.7% to $2.3 trillion, over the day. Bitcoin, the leading cryptocurrency, experienced bearish pressure, and Ethereum followed. Despite this, the current market sentiment is in the neutral zone, at 50, according to the CMC Crypto Fear and Greed Index.
It’s crucial to note that the meme market cap reached $63.56 billion, after noting a 6% surge in the last 24 hours. Meme coins have surged above other major assets after major price corrections before hours of the U.S. presidential election while other assets are in the bearish sentiment.
The US election might be the major cause for this meme coin rally. As the market awaits favorable crypto policies, both Donald Trump and Kamala Harris have assured to help innovate the crypto sector.
Trump-Won Scenario
Besides, as per the crypto analyst, Miles Deutscher, meme coins could be the performing assets. Deutscher predicts that if Trump wins, there could be a major rally in the industry. Notably, it will bring in a boost for DOGE, which he considers as the “meme leader.”
He further suggests the D.O.G.E initiative will strengthen the token, positioning it as a catalyst for liquidity rotation across the broader meme token market. The Trump-won scenario could ignite a renewed interest in altcoins, positioning meme coins in the forefront.
Assets have witnessed dips due to election uncertainty, and he believes those coins might strongly rebound, triggering the FOMO (Fear of Missing Out) as traders return to the market post-election.
Scenario of Kamala Victory
In the winning scenario of Kamala, the market expects a potential regulatory crackdown on utility tokens to push investors toward meme coins as they seek nihilistic assets that may seem less vulnerable to scrutiny.
In the case of building regulatory pressure, meme tokens could maintain dominance as a safer hold and more appealing. The popularity among retail investors in meme coins could be a better option in the altcoin industry if regulatory pressure increases.
Moreover, Deutscher directs investors toward meme coins. However, he suggests waiting for the post-election volatility. If the market experiences another dip, he plans to prioritize the meme coin holdings such as DOGE, POPCAT, WIF, PEPE, SPX, and GOAT.
On the other hand, the top gainers over the past day are occupied by the meme coins. MOG, DOGE, POPCAT, SHIB, and BONK are the first five tokens on the list. MOG has surged over 9% and the price has reached $0.000001869. The daily trading volume has soared over 63% to $43.62 million.
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