Bitcoin reached a new ATH of $89,500 today as the crypto market continues to grow following Donald Trump’s US election.
This pushed its total market cap to $1.735 trillion, meaning the leading cryptocurrency now officially has a higher market cap than silver, which sits at $1.711 trillion.
Over the last week, the market has done incredibly well, with Bitcoin growing a total of 26.85%, altcoins are following suit. Ethereum (ETH) and Solana (SOL) have both spiked over 30% in the time period as we enter a bull run.
This has led whales to micro-cap tokens, whose high volatility enables them to experience massive surges in value with market movements. Chief among these are Pepe Unchained, Crypto All-Stars, and Flockerz, three presales looking to launch in the bull run.
US Election Results Propel the Market to New Heights
The biggest contributing factor to the market rally is undoubtedly the US election. Donald Trump had firmly positioned himself as the pro-crypto candidate in the election, promising to make the United States the “crypto capital of the planet.”
Among his promises is the replacement of the chair of the SEC (Securities and Exchange Commission), Gary Gensler. The removal of Gensler, who led efforts to increase oversight on the crypto market during Joe Biden’s presidency signals more regulatory clarity and leeway for the crypto sector.
Trump has also spoken at the Bitcoin conference in Nashvillle on July 27th. The Trump presidency also gives more faith for typically tradFi players like BlackRock to engage more with Bitcoin ETFs, pouring more funds into the space. In the days after the election, Bitcoin ETFs saw some of the highest trading volumes ever.
All of this has contributed to a massive surge in daily trading volume. Today, Bitcoin’s daily trading volume sits at $153.64 billion – a 92.52% increase since yesterday. This shows investor interest still hasn’t dried up with Bitcoin posting a new all-time high today.
Meme Coin Space Soars to $105 Billion Market Cap
With Bitcoin on the rise many investor’s attention is turned to the meme coin sector, famous for its bold price movements. Since the election, the space has almost doubled in market cap, going from around $55 billion to a massive $105 billion.
The biggest player in the space, Elon Musk-endorsed Dogecoin (DOGE) has grown 36.53% over the day, and has more than doubled in value over the week, growing 132.82% up to $0.4.
This is in part due to the fact Elon Musk is closely affiliated to Donald Trump, with over $100 million in donations to his name, and Musk being expected to influence the president’s staffing decisions.
This has led to many community members, including Jeremyybtc, an X (Twitter) guru with over 176,000 followers to speculate Dogecoin could reach $1 this cycle.
doge will be the biggest runner of this bull run
elon musk publicly comes out as the co founder of dogecoin
trump and elon both mentioned integrating dogecoin as a big part of america’s economy
1 $doge = $1 pic.twitter.com/7wATJmCh8V
— Jeremy (@Jeremyybtc) November 10, 2024
With most top meme coins up 50% or more over the week, whales are looking at new tokens with untapped potential to chase 10x to 100x returns.
Meme Coin ICOs are on Fire – Flockerz, Pepe Unchained, and Crypto All-Stars Attract Whale Attention
One of the biggest meme coin presales of the year – Pepe Unchained (PEPU) – had a whale drop $35,000 into the presale yesterday.
The project has raised over $27,2 million over the course of its presale on the back of its high-quality aesthetic and layer 2 utility. The PEPU chain aims to revolutionize ETH meme coins by providing 100x faster transactions with minimal gas fees. With the presale exceeding the developer’s expectations, they’ve unveiled a grant program to ensure the token launches to a thriving ecosystem.
99Bitcoins, a YouTube channel with over 700,000 subscribers recently highlighted the token, calling it the “next Pepe” and expecting massive returns.
Flockerz (FLOCK), on the other hand, is a new presale creating the world’s first vote-to-earn meme coin. It offers some of the highest staking rewards in the space, with a 1146% APY. This means holders can 11x their token holdings over a year, with each of them contributing to their voting power in the FlockTopia DAO.
Finally, Crypto All-Stars (STARS) is a utility-focused meme coin bringing cooperation to meme coin staking with its MemeVault. The MemeVault will allow users to stake all of their meme coins on one platform, with scaling rewards based on how much STARS the staker holds.
With the meme coin market at its hottest, any one of these has a solid chance at going 10x on launch.
