Meme Coins Gain Bullish Momentum Ahead of US Presidential Elections

Meme coins gained bullish momentum just hours before the U.S. presidential election while the broader market is wandering in the bearish zone.

Meme coins saw bullish momentum on Tuesday, Nov. 5, as the broader crypto market showed bearish movements.

As reported by CoinGecko, the total meme coin market cap increased by 4.3% in the past 24 hours, reaching $62.3 billion. Its daily trading volume is currently hovering at $9.3 billion.

This comes as the U.S. presidential election is set to take place later today, with crypto investors keeping a close eye on the candidates and their stance on digital assets.

Coin 뉴스 reported on Monday that the global crypto market cap decreased by $33 billion in the past 24 hours, reaching $2.38 trillion.

The drop occurred as spot Bitcoin (BTC) exchange-traded funds in the U.S. saw their second-highest net outflow on Monday, with $541.1 million being pulled out of the funds.

As a result, BTC fell below the $69,000 zone on Tuesday, with bears largely impacting the market. The market also saw a slight recovery on Monday as BTC briefly returned to the $70,000 level following a sharp sell-off that saw the asset lose more than $10,000 in a matter of hours on Friday, Nov. 1.

CoinGecko data also showed that Mog Coin (MOG) entered the list of the leading 100 crypto assets following its 11% surge in the past 24 hours.

MOG is currently trading at $0.0000018 with a market cap of $738 million, making it the 98th-largest cryptocurrency at the time of writing. The asset saw a trading volume of $113 million in the past 24 hours.

According to CoinGecko, Mog Coin is “a decentralized meme token on the Binance Smart Chain that aims to create a fun and engaging community.” The asset was created in March 2021 and is designed to be used for various purposes, including payments, tipping and collecting.

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