Meme coins gained bullish momentum just hours before the US presidential election, while the market as a whole is wandering in the bearish zone.
According to data provided by CoinGecko, the total market capitalization of meme coins increased by 4.3% over the past 24 hours, reaching $62.3 billion. Its daily trading volume currently hovers around $9.3 billion.
Dogecoin (DOGE), the leading coin by market capitalization, is up 10.4% over the past 24 hours and is trading at $0.166 at the time of writing. The asset’s market capitalization currently stands at $24.4 billion, making it the eighth largest cryptocurrency.
Shiba Inu (SHIB) joined the sector’s bullish momentum, rising 4.1% over the past day. SHIB is trading at $0.000017 with a market cap of $10.3 billion at the time of reporting.
Pepe (PEPE) barely moved over the past day and consolidated around $0.0000081.
Data from CoinGecko shows that Mog Coin (MOG) entered the list of top 100 crypto assets after rising 11% in the last 24 hours. MOG is currently changing hands at $0.0000018 with a market cap of $738 million.
Bear before the elections
The meme coin rally comes as the broader crypto market, including the majority of major cryptocurrencies, experiences downward movements.
According to a report by crypto.news, the global crypto market capitalization decreased by $33 billion over the past day, reaching $2.38 trillion.
The fall came as U.S.-based Bitcoin (BTC) spot exchange-traded funds saw their second-largest net outflow, worth $541.1 million, on Monday, November 4. BTC fell below the $69,000 zone as bears dominated the market.
The market-wide correction came as investors take a cautious approach to volatile assets ahead of the U.S. presidential elections scheduled for today.
