Meme coins surge amid market correction ahead of US election

Meme coins gained bullish momentum just hours before the U.S. presidential election while the broader market is wandering in the bearish zone.

According to data provided by CoinGecko, the total meme coin market cap increased by 4.3% in the past 24 hours, reaching $62.3 billion. Its daily trading volume is currently hovering at $9.3 billion.

Dogecoin (DOGE), the leading meme coin by market cap, rose by 10.4% in the past 24 hours and is trading at $0.166 at the time of writing. The asset’s market cap is currently sitting 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 reporting time.

Pepe (PEPE) barely moved over the past day and has been consolidating around $0.0000081. 

Data from CoinGecko shows that Mog Coin (MOG) entered the list of the leading 100 crypto assets following its 11% surge in the past 24 hours. MOG is currently changing hands at $0.0000018 with a market cap of $738 million.

Bears ahead of elections

The meme coin rally comes while the broader crypto market—including the majority of the leading cryptocurrencies—is seeing downward movements.

According to a crypto.news report, the global crypto market cap decreased by $33 billion over the past day—reaching $2.38 trillion.

The fall came as the U.S.-based spot Bitcoin (BTC) exchange-traded funds saw their second-largest net outflow, worth $541.1 million, on Monday, Nov. 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 the volatile assets ahead of the U.S. presidential elections, scheduled for today.