Meme coins, a type of cryptocurrency known for their humorous and meme-inspired themes, experienced a surge in value just hours before the highly anticipated U.S. presidential election. This spike in meme coin prices occurred at a time when the broader cryptocurrency market was facing a downturn.
Data from CoinGecko revealed that the total market capitalization of meme coins increased by 4.3% within a 24-hour period, reaching a total of $62.3 billion. Additionally, the daily trading volume for meme coins currently stands at $9.3 billion, indicating a significant level of activity within this sector.
Leading the charge in this meme coin rally is Dogecoin (DOGE), the most prominent meme coin based on market capitalization. DOGE experienced a notable 10.4% increase in value over the past day, with its price reaching $0.166 at the time of reporting. The market capitalization of Dogecoin now sits at $24.4 billion, solidifying its position as the eighth-largest cryptocurrency in the market.
Another meme coin that joined the bullish trend is Shiba Inu (SHIB), which saw a 4.1% rise in value within the same 24-hour period. SHIB is currently trading at $0.000017, with a market cap of $10.3 billion. On the other hand, Pepe (PEPE) remained relatively stable, hovering around $0.0000081 without significant price movements.
In a surprising development, Mog Coin (MOG) managed to break into the list of the top 100 cryptocurrencies by market capitalization following an impressive 11% surge in value. MOG is currently priced at $0.0000018 and has a market cap of $738 million, showcasing its rapid growth within the meme coin sector.
While meme coins were experiencing a bullish trend, the broader cryptocurrency market faced a notable correction, with many leading cryptocurrencies witnessing a decline in value. The global crypto market cap dropped by $33 billion over the past day, reaching a total of $2.38 trillion.
This downward movement coincided with a significant net outflow of $541.1 million from U.S.-based spot Bitcoin (BTC) exchange-traded funds on Monday, Nov. 4. As a result, Bitcoin fell below the $69,000 price point, signaling a bearish sentiment among investors.
The market correction ahead of the U.S. presidential election reflects the cautious approach adopted by investors towards the volatile nature of cryptocurrencies. With the election day finally here, market participants are closely monitoring the outcome and its potential impact on the financial markets, including the cryptocurrency sector.
