Bitcoin, meme coins and Coinbase shares soared after Donald Trump won the US election, even as tokens linked to the incoming president nosedived.
Bitcoin, the leading cryptocurrency, experienced a significant surge in price following Donald Trump's win in the US presidential election. As investors sought alternative assets in the wake of the election results, Bitcoin soared over 10% from an opening price of $67,850.01 to trade at $74,756.42 as of 2:40 a.m. EST. However, it wasn't just Bitcoin that saw gains; meme coins and Coinbase, the top US crypto exchange, also experienced impressive post-election rallies.
BTC Soars as Investors Turn to Crypto
The victory of Donald Trump in the US presidential election has had a profound impact on the cryptocurrency market. Bitcoin, the most popular digital currency, witnessed a significant surge in value as investors turned to crypto as a safe haven asset. With traditional markets experiencing uncertainty and volatility, many investors sought refuge in Bitcoin, driving its price to new highs.
Small-Cap Meme Coins Steal the Show
While Bitcoin grabbed headlines with its double-digit surge, it was the meme coins that stole the show in the crypto market. These lighthearted tokens saw a collective surge of 13% in their market capitalization. Among the top performers in this category was AMATERASU OMIKAMI (OMIKAMI), which posted an impressive gain of 301% in just 24 hours. Joe Coin (JOE) and Luce (LUCE) also saw significant gains of 47% and 32%, respectively. Keyboard Cat (KEYCAT), Moo Deng (MOODENG), and Neiro On ETH (NEIRO) rounded out the top performers in the meme coin market.
Biggest Gains and Losses in the Meme Coin Market
While smaller-cap meme coins enjoyed significant gains, larger projects like Dogecoin (DOGE) and Dogwifhat (WIF) struggled. DOGE, a legacy token and pioneering meme coin, saw its price plummet over 8% in the last 24 hours. WIF, on the other hand, shed more than 5% of its value during the same period. This highlights the volatile nature of the meme coin market and the importance of careful investment decisions.
Political Meme Coins Take a Hit
Not all meme coins fared well after the election. Political meme coins, in particular, took a massive knock with a collective valuation plunge of over 21%. Many of these losses were recorded by tokens linked to Donald Trump. MAGA Hat (MAGA), MAGA (TRUMP), and TRUMP 47 (47) were among the hardest hit, with MAGA seeing a dive of over 49%, TRUMP plunging over 46%, and 47 plummeting a staggering 70%. However, it's worth noting that not all political meme coins suffered after the election. New presale token FreeDum Fighters (DUM) continues to thrive and has raised over $445K.
Coinbase Shares Soar on Post-Election Optimism
It wasn't just crypto tokens that experienced post-election gains. Coinbase, the leading US crypto exchange, saw its share price surge over 31% during yesterday's trading session. This rally in Coinbase shares indicates the market's optimism surrounding the future of cryptocurrencies under a Trump administration. With increased mainstream adoption and regulatory clarity, Coinbase is well-positioned to capitalize on the growing interest in digital assets.
Conclusion
The US presidential election had a profound impact on the cryptocurrency market. Bitcoin surged to new heights as investors turned to crypto as a safe haven asset. Meme coins also saw significant gains, with smaller-cap tokens outperforming their larger counterparts. While political meme coins took a hit, other projects like FreeDum Fighters continued to thrive. Additionally, Coinbase shares soared on post-election optimism. As the crypto market continues to evolve, it's important for investors to stay informed and make educated decisions based on market trends and fundamentals.