The meme coin market has experienced a significant surge, with its total market capitalization nearly tripling in just two weeks, reaching a staggering $124 billion, as of November 18, 2024. This increase marks a 111% jump since early November, following the US presidential election. The rising popularity of meme coins has been fueled by increased investor enthusiasm, supported by key listings and growing community interest.
Meme Coin Market Highlights
In the past 24 hours, the meme coin market cap rose by 1.7%, reaching $124 billion. Notably, Dasha (VVAIFU) was the day’s top performer, skyrocketing by 129% to $0.09096. Other notable gainers include Comedian (BAN), which rose by 72.3%, while nearly 20 other meme coins saw increases between 10% and 45%. However, Koma Inu (KOMA) experienced the biggest drop, falling 29.4% to $0.06123. BLUB (BLUB) and Shrub (SHRUB) also saw losses of 19.6% and 19%, respectively.
The top 10 meme coins, by market cap, are mixed, with six seeing positive gains and four experiencing losses. Among the top gainers were PEPE (PEPE), which rose by 2.2%, and Shiba Inu (SHIB), which saw an increase of 1.1%.
Meme Coin Market Surge Following US Elections
The massive surge in meme coin values can be traced back to the US presidential elections held on November 5, 2024. Following Donald Trump’s victory, there was a notable positive reaction in the crypto market. Trump’s favorable stance on cryptocurrencies and the expectation of regulatory loosening under his administration have been key factors in boosting market sentiment.
This rally was particularly evident among meme coins, many of which have dog-themed branding, such as Dogecoin and Shiba Inu. These coins, along with others inspired by figures like Trump and Elon Musk, benefited from increased hype. Musk, in particular, has been a vocal supporter of both Trump and meme coins, which further fueled the market rally.
Coinbase Listings Boost Meme Coin Market
The surge in meme coin market cap has also been supported by major exchanges listing new tokens. Coinbase recently added Dogwifhat (WIF) and PEPE (PEPE) to its platform, with FLOKI (another meme coin) expected to be listed soon. These listings have brought increased visibility and trading volume to meme coins, further driving their market growth.
Additionally, BONK, a Solana-based meme coin, surpassed Dogwifhat (WIF) in market cap, becoming the top meme coin on Solana’s network. This shift highlights the growing importance of Solana in the meme coin ecosystem, as it continues to see increased adoption.
Market Outlook and Future Trends
The meme coin market has seen a significant uptick in activity, with the total market cap nearly tripling in just two weeks. While the crypto market as a whole has slowed down in recent days, meme coins, driven by cultural and social factors, continue to show strong growth. As long as the trend of celebrity and influencer endorsements persists, meme coins could maintain their appeal, attracting new investors and driving further market expansion.