Meme Coin Madness: Their Total Market Cap Hits an ATH of Over $120 Billion
2024-11-12

TL;DR
Memes are on Fire
Meme coins have been performing really well sinceDonald Trump’s winin the US presidential elections. Earlier today (November 12), their total market capitalization exploded to an all-time high of more than $120 billion, representing a whopping 27% increase on a 24-hour scale.
The mega pump is led by Dogecoin (DOGE), whose bull run seems unstoppable lately. As of the moment of writing these lines, the OG meme coin trades at around $0.40, a 260% spike monthly.
Its rally could be attributed to Elon Musk, who intends to spearhead a new division under Trump’s administration called Government of Department Efficiency (D.O.G.E.).
Dogecoin’s biggest rival – Shiba Inu (SHIB) – is also well in the green. Several hours ago, it soared to a seven-month high of $0.00003014, currently trading at around $0.00002898. The resurgence coincides with the revival of the layer-2 scaling solution Shibarium and SHIB’s burn rate, which has been going through the roof recently.
Countless more memes are charting impressive gains in the past 24 hours. Some examples are BONK (+23%), BRETT (+25%), PEPE (+20%), NEIRO (+19%), and others.
The very few being in red territory include GIGA (-15%), SPX (-8%), MOG (-3%), and DOGS (-3%).DOGE Eyes a New ATH
Dogecoin’s massive revival has triggered huge enthusiasm across the space, with multiple industry participants envisioning a further rise to a new all-time high peak in the near future.
The X user Mikybull Crypto noted the emergence of a “golden cross” on DOGE’s chart. The analyst reminded that a similar development last cycle was followed by a 7,000% price explosion. If history is about to repeat, we might see Dogecoin skyrocketing to nearly $30.
It is worth mentioning that a rally of such dimension would require the asset’s market cap to jump above $4.2 trillion. Currently, the capitalization of the entire cryptocurrency sector is less than that, making the forecast quite implausible.
However, memes have shown they have the potential to chart immense gains and defy previous expectations. At the same time, their prices can head south just as easily, leading to devastating losses for inexperienced or overleveraged traders. That said, people need to conduct proper due diligence before entering the ecosystem and invest only as much as they are ready to lose.