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Bitcoin surged above $81,000, quickly boosting the price of the memecoin amid bullish crypto market sentiment following the election of Donald Trump.
Bitcoin is up 2% in the past 24 hours and 17% in the past week, to $81,123.49 as of 2:40 a.m. ET. Bitcoin’s bullish momentum has spilled over into the memecoin space, causing the lighthearted sector’s market cap to rise by 19%, according to Coingecko.
Bitcoin surge boosts small-cap tokens
Traditional memecoins such as Dogecoin (DOGE), Shiba Inucoin (SHIB), Pepecoin (PEPE) and Dogecoin with a Hat (WIF) all achieved strong 24-hour gains. Dogecoin performed the best among the four major memecoins, with a gain of 23%.
However, smaller altcoins led the gains in the sector.
Act I The AI Prophecy (ACT) shined, rising by more than 1,177%. Newcomer Peanut Squirrel took second place after rising by 250%.
Meanwhile, Sudang (HIPPO), Kishu Inu (KISHU) and Dogelon Mars (ELON) recorded gains of 33%, 26% and 28% respectively.
Cathie Wood says Trump's 'weakening' of the SEC will likely 'accelerate' the US economy
ARK Investments founder and CEO Cathie Wood said that "weakening" the U.S. Securities and Exchange Commission (SEC) after Trump's election could "accelerate" the U.S. economy.
She added in a video that government spending cuts, tax cuts and a focus on technological innovation would also be key drivers of economic recovery under Trump.
We are absolutely blown away by the support PEPU has received! ?
26 million hits and no signs of slowing down, this community is #1!! ??
pic.twitter.com/zyxceMDwxJ
— Pepe Unchained (@pepe_unchained)
November 9, 2024
Memecoin presales have also been driven by optimism about Trump’s election. New PEPE competitor Pepe Unchained (PEPU) raised more than $266,000 in one of the most successful presales. The token has raised more than $1.6 million in the past four days alone.
Another beneficiary of the Trump effect is FreeDum Fighters (DUM), a satirical PolitiFi token that is quickly on its way to $500,000 in funds raised in its presale.
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