- Memecoins surged on Nov. 6, reaching a seven-month high market cap of $66.72 billion.
- Dogecoin led gains, climbing 14.5% in 24 hours and 72% over the past month.
- Trump-themed tokens saw a 17% increase in market cap, with political memecoins reaching $640 million.
Memecoins, including Dogecoin (DOGE) and other politically themed tokens, experienced a notable surge on Nov. 6, following Donald Trump’s victory in the 2024 U.S. presidential election. The rally saw the total market capitalization for memecoins climb to $66.72 billion, marking its highest level since April.
Source: CoinMarketCap
Memecoin Gains Reflect Political Sentiment
CoinMarketCap data showed a sharp rise in both the value and trading volume of top memecoins. The sector’s daily trading volume more than doubled, reflecting a surge in buying pressure. Dogecoin led the increase, posting gains of 14.5% over the last 24 hours and 72% over the past month. Shiba Inu (SHIB) and Ethereum-based Pepe (PEPE) also recorded gains, with daily increases of 5% and 12.6%, respectively.
Political memecoins themed around President-elect Trump saw a 17% rise in market cap, exceeding $640 million. Trump-related tokens ranked among the top performers, while memecoins associated with Vice President Kamala Harris experienced declines. This pattern reflects optimism in the crypto community regarding a potentially favorable regulatory environment under Trump’s presidency.
Rising Open Interest Signals Bullish Sentiment
Open interest (OI) in memecoin derivatives, which represents the total number of unsettled contracts, also saw a sharp increase. NEIRO led with a 47% jump in OI, while PEPE and DOGE followed with 40% and 27% increases, respectively. The rising OI suggests bullish momentum, with traders opening more leveraged positions in anticipation of further price gains.
Trump’s election promises of a pro-crypto administration have fueled a risk-on sentiment in the market, sparking fresh investor interest across the memecoin sector and broader crypto landscape.
