Highlights:
- Dogecoin gains momentum as U.S. elections optimism and endorsements from Musk and Trump drive its value higher.
- S.H.I.B, Shiba Inu’s new blockchain initiative, targets the U.S. as a leader in crypto globally, attracting investor interest.
- Dogwhifhat leads Solana’s memecoin sector with recent gains, presenting an appealing entry point for investors seeking growth.
The cryptocurrency market has seen an impressive surge, with the total crypto market cap climbing to its highest level since July. These gains are supported by the ongoing U.S. presidential election as former president Donald Trump’s chance of returning to the office sparks optimism among crypto investors.
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The leading asset, Bitcoin, has ignited the broad crypto market frenzy, surging by 6% to claim a new ATH at $75K. The memecoin sector has not been left behind most of the coins trading on green. The total memecoin market cap has climbed by 15% to $67.77B, while trading volume has doubled to $20B.
Amidst the broad bullish sentiment, let’s take a look at the best memecoins to invest in right now, November 6, including Dogecoin (DOGE), Shiba Inu (SHIB) and Dogwhifhat (WIF).
Best Memecoins to Invest in Right Now
1. Dogecoin (DOGE)
Dogecoin, the largest memecoin, has seen an impressive rally, surging by 19% over the past 24 hours to trade at $0.2024. DOGE has been on a bullish ride recently, gaining 20% and 85% on the weekly and monthly charts, respectively. The market cap and trading volume stand at $29.69B and $11.57B.
As the U.S. Election continues, Dogecoin has soared to over $0.20, its highest value since July. Elon Musk’s recent tweets, along with former President Donald Trump’s pro-crypto stance, added excitement to the coin. In campaign events, both Musk and Trump dipped their toes into a potential “Department of Government Efficiency” (D.O.G.E.), which has fans of Dogecoin speculating.
BREAKING: Dogecoin just hit 21 cents on the news of Trump leading the polls. pic.twitter.com/z2j3NUCBiP
— DogeDesigner (@cb_doge) November 6, 2024
This rally was still bolstered by Musk’s engagement on social media and Trump’s vocal support. While Musk toned down his crypto involvement recently, these nods energized Dogecoin’s value in the pre-election atmosphere. The subtle interactions between Musk took this as an optimistic sign for the largest memecoin in particular, given that Musk was suggesting crypto possibilities in a new administration.
Dogecoin’s momentum makes it one of the best memecoins to invest in right now. With this election, Dogecoin may be the next memecoin to explode as election polls continue.
2. Shiba Inu (SHIB)
The optimism around the blockchain initiatives bolstered Shiba Inu’s SHIB token, which spiked 6% on Tuesday in a broader market rally. Trading volumes surged 197% to $1.14 billion within 24 hours, while the popular meme coin’s market cap surpassed $11 billion.
Shiba Inu’s lead developer, Shytoshi Kusama, rolled out the Strategic Hub for Innovation in Blockchain (S.H.I.B) proposal in an X post. The goal of this initiative is to make the United States a global leader in developing blockchain technology and invest $1.3 to $2.35 billion over 5-10 years. Green building practices, talent development as well as a streamlined regulatory framework are part of plans to attract private investments to boost economic growth.
S.H.I.B.
— Shytoshi Kusama™ (@ShytoshiKusama) November 6, 2024
The S.H.I.B. proposal asks presidential candidates in the U.S. to back the creation of the “Silicon Valley of Crypto.” Kusama said this could generate high-quality jobs, guarantee national security, and keep the United States ahead of the pack in technology, with projected returns of $10 for every $1 invested.
3. Dogwhifat (WIF)
Dogwhifhat has had an impressive performance today, recording a surge of 15% in the past 24 hours. Despite the recent gains, WIF is down by 7% and 9% on the weekly and monthly charts. The market cap has climbed above $2.37B with the trading volume surging 150% at $812M.
According to crypto analyst LLuciano_BTC on X, there’s an escalating surge of pride towards Solana meme tokens. Among these, Dogwifhat ($WIF) is already up in arms ahead of the competition.
The buzz around Solana meme tokens is undeniable, and $WIF is leading the charge.
@dogwifcoin is the real deal in the Solana ecosystem. With a $2.2B market cap already, this isn't just another meme coin; it's a movement!Get in early because $WIF has already made significant… pic.twitter.com/eydJjqdMeK
— Lucky (@LLuciano_BTC) November 2, 2024
The analyst notes that Dogwifhat recently corrected to an attractive buy level. It is one of the big guys in the Solana ecosystem, with a market cap of over $2 billion. $WIF continues to perform well beyond expectations, thus early entry may be beneficial.
Conclusion
As the crypto market heats up and the US presidential election continues to drive momentum, Dogecoin, Shiba Inu, and Dogwhifhat are the best memecoin to invest in right now. These coins have shown strong market performance and a strategic approach to take advantage of the bullish trend.
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