Memecoins hit $116B market cap post-election: Are DOGE, SHIB behind the rally?

• The memecoin market cap has surged post-election.
• Retail interest rose as search interest peaked at record highs.

The U.S. presidential election has sparked a frenzy in the cryptocurrency world, and memecoins have emerged as the unexpected winners.

Once dismissed as mere internet jokes, these digital assets have seen their combined market capitalization surge from $55 billion on election day to a staggering $116 billion at press time.

This marked an astounding 108.28% increase, according to CoinMarketCap. Worth noting that last week, memecoins recorded an all-time high [ATH] in market capitalization.

Source: CoinMarketCap

The rally, fueled by investor enthusiasm and viral internet culture, has also pushed trading volumes through the roof. Since election day, trading volume has soared by nearly 300%, reaching $25.41 billion. 

Over the last 24 hours alone, the market registered a 1.75% rise, continuing its bullish streak and setting the stage for a new era of mainstream recognition.

Performance of top memecoins

AMBCrypto’s closer examination of leading memecoins revealed notable contributions to the market’s explosive growth. Dogecoin [DOGE] accounted for nearly half of the total market capitalization, boasting a valuation of $57.33 billion. 

At the time of writing, the dog-themed token was trading at $0.3908, up 5.11% in the last 24 hours. Furthermore, it rallied by triple digits over the past month, recording an impressive 176.55% increase.

Shiba Inu [SHIB], often referred to as the “DOGE-killer,” has also enjoyed a strong showing. Trading at $0.00002553, at the time of writing, it recorded modest daily gains of 0.93% but boasted a solid 37% monthly increase. 

Meanwhile, Pepe [PEPE] saw a minor daily dip of 4.06%, at press time, trading at $0.00002018, but retained its momentum with an impressive 95.50% growth over the last month.

Retail investors make a comeback 

The memecoin craze wasn’t confined to the markets alone—it’s also capturing the interest of the public. According to Google Trends, search interest for “memecoin” hit an ATH, signaling a massive influx of curiosity and participation from retail investors. 

Source: Google Trends

This surge mirrored the broader excitement surrounding cryptocurrency in the wake of the Republican victory, where digital assets are becoming increasingly prominent in mainstream financial discussions.

Memecoins dominate gainer charts

Meanwhile, memecoins aren’t just riding the wave—they’re dominating it. The newest entrant to the crypto scene, Peanut the Squirrel [PNUT], has climbed to the top of the weekly gainers’ chart with an astonishing 213.67% increase. 

Other significant performers include Bonk [BONK], which ranked seventh in terms of growth with a 73.06%, and PEPE and secured the eighth spot with a 48.40% weekly gain.

Even among the top 500 cryptocurrencies, memecoins were making their mark. Dasha [VVAIFU] led the pack with a staggering 352.85% weekly rise, followed by Mr. Miggles [MIGGLES] at 272.46%, and Comedian [BAN] with a 236.87% increase.

The memecoin market’s meteoric rise is a testament to its unique ability to blend financial speculation with internet culture. While the gains are enticing, these assets remain highly volatile, making them as risky as they are rewarding.