Its total market capitalization reaches an ATH of over $120 billion

TL;DR

Meme coins like DOGE, SHIB, PEPE, FLOKI, BRETT and many more have seen double digit price increases in the last 24 hours. Conversely, MOG, SPX and GIGA are among the few that have not followed the green wave. Memes are on fire

Memecoins have been doing very well since Donald Trump’s victory in the US presidential election. Today (November 12), its total market capitalization exploded to an all-time high of over $120 billion, representing a 27% increase on a 24-hour scale.

The mega bomb is led by Dogecoin (DOGE), whose bull run seems unstoppable lately. At the time of writing, the OG meme coin is trading around $0.40, a monthly increase of 260%.

Price DOGE, Source: CoinGecko

His demonstration could be attributed to Elon Musk, who intends to lead a new division under the Trump administration called Government of Department Efficiency (DOGE).

Dogecoin’s biggest rival Shiba Inu (SHIB) is also well in the green. Several hours ago, it soared to a seven-month high of $0.00003014, currently trading around $0.00002898. The resurgence coincides with the revival of Shibarium layer 2 scaling solution and SHIB’s burn rate, which has gone through the roof recently.

Countless more memes are posting impressive gains in the past 24 hours. Some examples are BONK (+23%), BRETT (+25%), PEPE (+20%), NEIRO (+19%) and others.

The few that are in red territory include GIGA (-15%), SPX (-8%), MOG (-3%) and DOGS (-3%).

DOGE Eyes in New ATH

Dogecoin’s massive renaissance has caused great excitement across the space, with several industry participants predicting a further surge to a new all-time high in the near future.

X user Mikybull Crypto noted the appearance of a “golden cross” on the DOGE chart. The analyst recalled that a similar development last cycle was followed by a price explosion of 7,000%. If history is about to repeat itself, we could see Dogecoin skyrocket to almost $30.

It’s worth mentioning that a rally of this magnitude would require the asset’s market capitalization to exceed $4.2 trillion. Currently, the capitalization of the entire cryptocurrency sector is lower, which makes the forecast quite implausible.

However, memes have proven to have the potential to chart immense gains and defy previous expectations. At the same time, their prices can just as easily go south, causing devastating losses for inexperienced or overleveraged traders. That said, people should conduct proper due diligence before entering the ecosystem and invest only as much as they are willing to lose.

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