Meme coins surge amid market correction ahead of US election

Meme coins are gaining bullish momentum just hours ahead of the US presidential election, while the broader market is hovering in bearish territory.

According to data provided by CoinGecko, the total meme coin market value increased by 4.3% in the last 24 hours, reaching $62.3 billion. Daily trading volume currently stands at $9.3 billion.

Most popular meme coins | Source: CoinGecko

Dogecoin (DOGE), the leading meme coin by market cap, is up 10.4% in the last 24 hours and is trading at $0.166 at the time of writing. The asset’s market cap currently stands at $24.4 billion, making it the eighth-largest cryptocurrency.

Shiba Inu (SHIB) joined the sector’s bullish momentum, rising 4.1% in the past day. SHIB is trading at $0.000017 with a market cap of $10.3 billion at the reporting date.

Pepe (PEPE) moved little last day and consolidated around $0.0000081.

Data from CoinGecko shows that Mog Coin (MOG) has entered the top 100 crypto asset list following an 11% increase in the last 24 hours. MOG is currently changing hands at $0.0000018, with a market cap of $738 million.

Bears before the elections

The meme coin rally is occurring as the broader crypto market, including the majority of leading cryptocurrencies, sees downward movements.

According to the Crypto.news report, the global crypto market value decreased by 33 billion dollars in the past day, reaching 2.38 trillion dollars.

The decline comes as US-based spot Bitcoin (BTC) exchange-traded funds saw their second-largest net outflow on Monday, November 4, worth $541.1 million. BTC fell below the $69,000 region as bears dominated the market.

The market-wide correction comes as investors take a cautious approach to volatile assets ahead of the US presidential election scheduled for today.