Bitcoin surged past $81K, sending meme coins soaring amid buoyant crypto market sentiment in the aftermath of Donald Trump’s election win.
BTC jumped over 2% in the past 24 hours and 17% in the last week to trade at $81,123.49 as of 2:40 a.m. EST. BTC’s bullish momentum spilled over into the meme coin space, leading to a 19% jump in the lighthearted sector’s market capitalization, according to CoinGecko.
Legacy meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and Dogwifhat (WIF) all printed strong 24-hour gains. DOGE emerged as the top performer among the big 4 meme coins with a 23% surge.
But it was smaller-cap altcoins that led the sector’s rally. Act I The AI Prophecy (ACT) stole the show after it went ballistic and surged more than 1,177%. Newcomer Peanut The Squirrel came in second after it posted a 250% surge.
Meanwhile, Sudeng (HIPPO), Kishu Inu (KISHU) and Dogelon Mars (ELON) recorded gains of 33%, 26%, and 28%, respectively.
ARK Invest founder and CEO Cathie Wood said Trump ”defanging” the US Securities and Exchange Commission (SEC) after his election victory would likely ”turbocharge the US economy.”
She added in a video shared on X that government spending cuts, tax cuts, and a focus on technologically enabled innovation would also be key drivers of an economic resurgence under Trump.
We are floored with the support coming in for PEPU! 🔥
26 million hit with no signs of slowing down, this community is #1!! 🐸💚 pic.twitter.com/zyxceMDwxJ
— Pepe Unchained (@pepe_unchained) November 9, 2024
Meme coin presales are also being buoyed by optimism over Trump’s US election win. New PEPE rival Pepe Unchained (PEPU) has soared past $26.6 million in funds raised in one of the most successful presales ever. The token’s added more than $1.6 million in just the past four days.
Another beneficiary of the Trump effect is FreeDum Fighters (DUM), a satirical PolitiFi token that is racing toward $500k in funds raised in its presale.