Dogecoin and other memecoins surge as crypto traders position for a Trump election victory
In this photo illustration, the Elon Musk’s twitter account seen displayed on a mobile phone screen with a Dogecoin logo in the background.
Adrees Abbas | Lightrocket | Getty Images
Memecoins surged early Wednesday on the back of election results that showed former President Donald Trump in a strong position to gain a second term.
Dogecoin surged more than 22% and Shiba Inu gained 8%, according to Coin Metrics. The moves came as bitcoin rose to a fresh record of $75,000 even.
“With the crypto markets experiencing low volatility in the lead up to the election as the industry looks to gain clarity on future regulatory conditions, traders are bracing for volatility once results start to come out,” said Chris Chung, CEO at Titan, a…
