Meme Coins Market Cap Holds Above $60 Billion as Election Drive Spark Rally

Meme coins surged above other assets after huge corrections in the last 24 hours. Unlike other coins with limited impacts for similar events, these assets are known for massive sentiment swings.

Meme coins, a class of crypto assets known for their meme-inspired branding and community, have surged past other assets with a collective market capitalization of over $60 billion, according to data from CoinGecko. These assets have seen a huge correction in the last 24 hours, with several tokens, categorized as ‘meme,’ rallying by over 100X during this period.

In comparison to other assets, which show limited price movements for similar events, meme coins are uniquely positioned for massive sentiment swings, making them a subject of interest for traders seeking quick gains. Several factors have contributed to the sustained gains for most meme tokens, including increased community participation, cycle gains from traders, and the general election sentiment.

Meme Coin Market Cap Surges Past $60 Billion

At press time, the meme coin market capitalization stands at $60.3 billion, holding on to that level despite a broader fall in other segments. Several meme categories, including political assets, are performing well, with users rallying around these assets.

In the last 24 hours, crypto prices have gained 4.43%, while the daily transaction volumes are at $76 billion. To put this into perspective, Bitcoin recorded a 3% outflow in the last day, while Dogecoin had an inflow of 7.3%. Meme coins like Shiba Inu and PEPE also saw inflows in the same time frame.

Political coins saw the most gains, with MAGA posting 21.8% inflows. Solana meme coins also saw gains after several analysts pointed to the solana meme coin frenzy in Q1 2024.

“Solana meme tokens buzz is undeniable, and $WIF is leading the charge. @dogwifcoin is the real deal in the Solana ecosystem. With a $2.2B market cap already, this isn't just another meme coin; it's a movement. Get in early because $WIF has already made significant strides, pushing through expectations. Where will $WIF peak this cycle?” wrote crypto trader Luciano BTC on X (formerly Twitter).

Several tokens have seen 100X in the last 24 hours, driving up the meme ecosystem's value. Leading the pack is BUU, recording a 601% surge today, followed by Wiz and Goatseus Poppimus, netting 342% and 154%, respectively. The crypto community sustained its rally for meme coins to keep several tokens in a favorable position ahead of the next price swings.

Meme bulls largely accumulated coins and made significant profits last month. Finally, the U.S. elections were a major driving force behind the meme coin narrative, with several traders pivoting to these assets ahead of the event.

As the market anticipates favorable crypto policies, inflows into these assets were a likely expectation drawn from previous cycles. Both Donald Trump and Kamala Harris have pledged to help innovate the sector, promising a friendlier stance toward digital assets. The present administration remained at loggerheads with the industry, coupled with multiple SEC lawsuits against firms.

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