Welcome to your weekly roundup of the latest developments in the meme coin market! In this edition, we take a closer look at market highlights, the surge of Solana-based coins on Binance, the impact of the recent presidential election on various meme coins, and the decline of political-themed cryptocurrencies.
Meme Coin Market Highlights
This week, meme coins are experiencing a notable surge. Over the past 24 hours, the overall market capitalization for meme coins has skyrocketed by 18.6%, reaching an impressive $94.8 billion, a significant increase from $59 billion just a week ago.
Among the top 100 meme coins, about one-third are seeing losses today. Maga (TRUMP) leads the decline, losing nearly 26% of its value in a single day. Other underperformers include Zerebro (ZEREBRO) and MSTR2100 (MSTR), both losing around 18% of their prices. At least nine other coins have experienced double-digit declines as well.
On the brighter side, Act I: The AI Prophecy (ACT) has emerged as a standout, recording an astonishing gain of 1,323.7% in just 24 hours, bringing its price to $0.3282. Peanut the Squirrel (PNUT) follows closely behind, boasting a remarkable rise of 237.5%, now priced at $0.3642.
In the top 10 meme coins, only Turbo (TURBO) has seen a decrease, falling 1.53% to $0.00902. Conversely, Dogelon Mars (ELON) and Dogecoin (DOGE) have made impressive gains, each seeing price increases ranging from 24% to 31%.
Binance Blesses Solana Coins ACT and PNUT
In exciting news for meme coin enthusiasts, two Solana-based coins, ACT and PNUT, have surged following the announcement of their listing on Binance, a major cryptocurrency exchange. This listing will officially take effect on November 11, 2024.
Binance stated that it would open trading for Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT) without charging any listing fees in BNB. As a result, both coins have experienced extraordinary price increases, with ACT rising by nearly 1,324% to $0.3282 and continuing to climb. This market performance has placed its market cap at approximately $413 million, ranking it at number 199 in the market.
Meanwhile, PNUT has also experienced a meteoric rise, up 353% and reaching an all-time high of $0.464 at the time of writing. Its market cap exceeds ACT’s, standing at about $473 million, placing it at rank 178.
Elon Musk Coins Rally After Trump’s Victory
In the aftermath of the recent U.S. presidential election, coins associated with Elon Musk have seen significant price increases. Speculation suggests that the positive reaction is tied to Musk’s close relationship with President-elect Donald Trump.
For example, Dogelon Mars (ELON) has gained 33.5% in a single day, with a notable increase of 81.6% in the past week. However, it is important to note that despite these gains, ELON remains 90.6% below its all-time high from three years ago, currently trading at $0.0000002391. Meanwhile, the Department Of Government Efficiency (D.O.G.E.) coin saw a 27.4% rise today and an incredible 481.4% increase over the week, fueled by Trump’s past comments about establishing the department.
Dogecoin, the most established of these meme coins, also experienced a significant uptick of 21.6% in a day, now valued at $0.2891 and reflecting an 85.4% growth over the week.
Decline of Political Meme Coins Post-Election
With the election results in, the political-themed meme coins related to the two major candidates have experienced a dramatic decline. Kamala Horris (KAMA), for instance, is down 10.3% today and has plummeted by 96.8% over the past week, currently trading at $0.0004404.
Similarly, MAGA (TRUMP) and Maga Hat (MAGA) have also suffered losses of 13% and 7%, respectively. MAGA (TRUMP) is down 60% in a week, while MAGA has seen a 63% decline in the same time frame.
The recent electoral climate indicates that KAMA may struggle to recover and could potentially see a long-term decline, given the changing dynamics in the crypto narrative. Overall, the aftermath of the election has left many investors reassessing their positions in these political meme coins.