Dogecoin Surges 49% as Trump Victory Boosts Crypto Market

Soaring Crypto Market: Dogecoin Leads the Surge

The flourishing crypto market has witnessed exponential growth since the third quarter began, driven by unprecedented price spikes in several cryptocurrencies. Dogecoin (DOGE), the pioneer of memecoins, has experienced an astonishing surge of 49.59% in the past 24 hours.

At the time of writing, DOGE was trading at $0.4248, marking a 50.20% increase in trading volume, which now stands above $27.96 billion. Its market capitalization has similarly witnessed a surge of approximately 51%, reaching $62.62 billion.

Source: CoinMarketCap

Dogecoin's all-time high price stood at $0.7376. Financial experts opine that if the current bullish momentum persists, DOGE may soon surpass this record. Within the intraday timeframe, DOGE/USDT and DOGE/FUSD remain the most dominant trading pairs on centralized crypto exchanges.

Over the past seven days, DOGE's price has increased by 154%, while its 30-day time frame shows an impressive gain of 282.30%. Notably, its trading prices exceeded the 20, 50, 100, and 200-day EMAs at press time.

Source: TradingView

Remarkably, Dogecoin's market capitalization has grown by 175% in the last seven days and has accumulated 295% growth over the past month. Since its inception, the market capitalization has achieved significant milestones.

Memecoins Poised for $200 Billion Market Cap

The memecoin market has witnessed unparalleled growth since the beginning of the year. Speculations and projections suggest that the market is targeting a substantial market share. Numerous crypto analysts anticipate that the market capitalization of memecoins will soon surpass $200 billion.

In terms of market capitalization, Dogecoin reigns supreme, holding a 53.62% share, followed by Pepe with 23.30% and Shiba Inu with 17.42%. Other memecoins that have garnered attention this year include Dogwifhat (WIF), DOGS (DOGS), Floki, and Bonk.

Notably, Dogecoin is the only memecoin that ranks among the top ten cryptocurrencies with the highest market capitalization, currently occupying the sixth position. In terms of trading price, Doge Killer (LEASH) leads the pack at $342.55, followed by Pepecoin (PEPECOIN) at $5.21, Dogwifhat (WIF) at $3.15, and Bellscoin (BELLS).

Crypto Market Price Updates

At the time of publication, the cryptocurrency market capitalization stood at $3 trillion, representing an intraday growth of over 5.50%. The staggering growth has resulted in the market reaching $335.16B, reflecting a boost of over 45%.

Source: TradingView

Data from TradingView indicates a 33% growth in market capitalization over the past seven days and 85% growth year-to-date. Notably, the market remains above the 20, 50, 100, and 200-day EMAs.

Bitcoin has exhibited a bullish trend since the electoral victory of Donald Trump. In the past few days, BTC has consistently broken its all-time high due to intense buying pressure and other favorable factors.

Within the past 48 hours, BTC's price has risen by approximately 18%, accompanied by an 87% surge in trading volume, which has reached $146.60 billion.