Memecoin Market Booms, Led By Surges In MANEKI, MOODENG, and SUNDOG Prices

Bitcoin’s surge above $76,500 has resulted in a new all-time high for the second day running and has bulls pumped about the broader market’s prospects. Despite the flagship cryptocurrency posting massive gains, it was the meme coins that surged the highest among the top 500 coins by market capitalization following Donald Trump’s victory, drawing significant attention to the assets. 

Solana Memecoin MANEKI Price Soars In the Aftermath of US Elections

Solana-based memecoin Maneki (MANEKI) led the chart after gaining 55% in value. Last month, MANEKI signed a sponsorship deal with English football team Sheffield United to become the first sports team to promote a cryptocurrency. 

The move saw its price surge to a three-month high above $0.009 as the memecoin gets exposure to over 32,000 fans at Bramall Lane, one of the oldest soccer stadiums in the world, and hundreds and thousands of soccer fans across England. 

MANEKI, which was launched in May, has over 73,000 holders, and its 8.88 billion token supply is valued at $75.3 million. The memecoin is currently trading at $0.008936 – up 35.09% over the last 24 hours. 

MOODENG Token Skyrockets After Hippo Moodeng Predicts Trump Victory 

Moo Deng (MOODENG) is another memecoin deployed on Solana that has seen its price skyrocket in recent weeks. The cryptocurrency based on the viral baby Hippo Moodeng has outpaced the top 500 coins in the market by 40% following Trump’s landslide win against Kamala Harris in the US Presidential elections. An important factor that drove MOODENG’s price is reports that the baby hippo it is based on predicted a second Trump presidency. 

Another catalyst for Moodeng’s price hike is Binance Futures announcing that it expanded its listing to include the memecoin through the MOODENG/USDT perpetual contract. According to the October 25 announcement, the token will remain as the underlying asset, while Tether (USDT) becomes the settlement asset. 

Following the listing on Binance Futures, the price of MOODENG rose more than 100%. It is ranked 327th with a market capitalization of $282.6 million among the world’s largest cryptocurrencies. The token which was trading at $0.13 on November 5 touched highs near $0.30. At press time, MOODENG is changing hands at $0.3853 – up 34.23% in the last 24 hours. 

SUNDOG Rises 41% to Restest Support Near $0.13

Sundog (SUNDOG), often referred to as the biggest meme coin on the Tron blockchain, is another cryptocurrency that posted significant gains following the US elections. On November 5, SUNDOG was trading at $0.0098 and its price is up 41% in the past 24 hours to continue moving higher after retesting support near $0.13. 

SUNDOG gained a massive boost last month after Grammy-nominated rapper Ty Dolla $ign invested 3.2 million TRX, approximately $500,000, into the meme coin. The cryptocurrency gained traction following its launch on SunPump, a memecoin launchpad on Tron that emerged to challenge Solana’s Pump.Fun launchpad. 

At the time of writing, SUNDOG is trading at $0.1389 – up 6.4% in the last 24 hours. 

The victory of pro-crypto candidate Donald Trump in the presidential elections and the Federal Reserve’s subsequent decision to cut interest rates have been the catalyst behind Bitcoin’s move to record highs. It is widely expected that altcoins could follow right behind, resulting in the investor appetite for meme coins increasing. 

Read More: Bitcoin Surges To $76,800 As Fed Cuts Interest Rate