The entire cryptocurrency market has soared after Donald Trump was announced the winner of the 2024 presidential election. In just one week, Bitcoin’s price skyrocketed from $70,000 to an unprecedented $91,000. This rally hasn’t been limited to Bitcoin alone – it has also led to significant gains across smaller coins, especially memecoins, which are seeing some of their best performances in recent history.
Dogecoin’s Surge Ignites Memecoin Rally
One of the standout performers is Dogecoin, which more than doubled in value this week. This surge followed the announcement that Elon Musk will create a new department in Trump’s office named the Department of Government Efficiency – abbreviated as DOGE. While the exact connection between the new government department and the cryptocurrency remains unclear, Dogecoin investors couldn’t contain their excitement. The ensuing hype has caused other meme-based cryptocurrencies to rally as well.
Pepe (PEPE) has also captured attention as it continuously breaks its own all-time high records. The coin soared to $0.00002524 after listings on major exchanges like Coinbase and Robinhood. Although PEPE experienced a slight correction after reaching these new heights, it still more than doubled in value in just a week.
Other major memecoins are enjoying impressive gains too. Dogwifhat surged 70% last week, BONK increased by 75%, and FLOKI soared by almost 60%. Even Shiba Inu (SHIB), which had a more modest performance compared to others, is still up a solid 35% over the last week.
A New Player Emerges
One of the newcomers making headlines is Peanut the Squirrel (PNUT), a Solana-based memecoin created in memory of the beloved Peanut the Squirrel. Peanut had gained internet fame through a popular Instagram account before being taken away and euthanised by the Department of Environmental Conservation for rabies testing, which sparked public outrage. The story of Peanut has led to a wave of support drawing comparisons to the cultural phenomenon surrounding Harambe the gorilla in 2016.
PNUT gained instant popularity following these events. With Binance listing the coin on November 11th, its popularity and price skyrocketed. PNUT is up about 1400% since the listing, and yesterday alone it climbed nearly 300%. The coin is now close to entering the top 50 cryptocurrencies by market capitalization.
Is It Just The Beginning?
Every memecoin in the top 200 cryptocurrencies has seen double-digit gains over the past week. With Donald Trump’s presidency fueling market optimism and Elon Musk’s playful promotion of DOGE, it’s been hard not to profit from these coins if you bought the dip. The big question remains: Have we reached the peak, or is this just the beginning of an even bigger memecoin boom?
