Trump’s Triumph Sparks Meme Coin Mania: Dogecoin Soars 23% in Wild Ride

(Original title: Trump locked in victory, spurring Meme currency to soar, and Dogecoin rose nearly 23%)

Zhitong Finance APP learned that Meme coins generally surged on Wednesday as the election results showed that former President Trump had won at least 270 electoral votes.

Dogecoin surged nearly 23% and Shiba Inucoin gained 8%, according to Coin Metrics. At the same time, the Bitcoin price even rose to a new record of $75,000.

“With cryptocurrency markets experiencing low volatility ahead of the election as the industry looks for clarity on future regulatory conditions, traders will be bracing for volatility once the results start coming in,” said Go, who is built on the Solana blockchain. Chris Chung, CEO of centralized exchange aggregator Titan, said that “certain industries driving price increases, such as renewed interest in meme coins, may experience significant price fluctuations as states announce election results.”

Ahead of Election Day, meme coins and artificial intelligence-related crypto tokens outperformed the overall crypto market. This segment of cryptocurrencies is often used as a gauge of retail investors’ risk appetite.

Ryan Rasmussen, head of research at Bitwise Asset Management, said in an interview that the increase in meme coin activity shows that retail investors are participating and interested in speculating further down the risk curve.

He said: “Given the low market cap and low liquidity of Meme coins, I would not be surprised to see them surge along with the broader cryptocurrency rally. If cryptocurrencies are selling off, I would expect the same for Meme coins. Falling sharply.”

He pointed out: “I urge long-term investors not to pay too much attention to the trend of Meme coins. In the long term, there are few winners in the Meme coin market. Thousands of cryptocurrencies are issued every day. Choosing a specific Meme coin is like buying A lottery ticket.”

Cryptocurrency markets appear to be gearing up for a Trump victory as investors closely monitor the results of the U.S. presidential election. The former president is seen as a more favorable candidate for the broader cryptocurrency market beyond Bitcoin, as he has promised to make the SEC more friendly to the cryptocurrency market if re-elected.

“Trump is largely seen as very positive on the cryptocurrency market, and any sign of a possible victory could quickly push prices higher in anticipation of large amounts of capital being deployed,” Chung said.

Nic Puckrin, co-founder and CEO of cryptocurrency education platform Coin Bureau, said: “Dogecoin may also gain momentum due to the possibility that Musk, a long-time supporter of Dogecoin, will be appointed to the Trump administration’s Department of Government Efficiency. “This is a very real prospect.”

The comments were a reference to Trump’s remarks in September, when he said he would appoint the Tesla (TSLA) CEO to the Council on Government Effectiveness. Musk, who has called himself the “godfather of Dogecoin” in the past and has publicly commented on the Meme coin influenced by it, has since referred to the committee as the “Department of Government Efficiency” on the social media platform X. “DOGE”).