CandleFocus Meme coins surge amid market correction ahead of US election
2024-11-05
Author: Content Editor
Meme coins, including Dogecoin (DOGE) and Shiba Inu (SHIB), experienced a bullish rally just before the U.S. presidential election. The total market cap of meme coins increased by 4.3% to reach $62.3 billion, with a trading volume of $9.3 billion. Dogecoin rose by 10.4% and is now the eighth-largest cryptocurrency with a market cap of $24.4 billion. Shiba Inu also saw a 4.1% increase and has a market cap of $10.3 billion. The broader crypto market, however, saw a downward trend, with the global crypto market cap decreasing by $33 billion to $2.38 trillion. This fall coincided with a net outflow of $541.1 million from U.S.-based spot Bitcoin exchange-traded funds and a cautious approach from investors ahead of the election.
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