Cryptocurrencies representing a euthanised grey squirrel, a Thai pygmy hippopotamus and a cartoon dog have exploded in value since last month’s US presidential election, as Donald Trump’s victory triggers a surge in speculation in so-called memecoins.
The market for tokens representing online viral moments has expanded rapidly since early November as traders bet that Trump’s administration will usher in more crypto-friendly attitudes and regulation in Washington.
More established memecoins such as Dogecoin have outperformed bitcoin, the world’s biggest cryptocurrency, over the past month and have been joined by a plethora of new coins that have been launched in the days following Trump’s win.
Critics, including some of the…
