Dogecoin and other memecoins surge as Trump wins presidential election
Dogecoin surged more than 30% at one point after bitcoin rallied to a new all-time high.
Memecoins surged early Wednesday as former President Donald Trump clinched a second term in office.
Dogecoin surged more than 18% and Shiba Inu gained 6%, according to Coin Metrics. The moves came as bitcoin rose to a fresh record of $75,000 even.
NBC News projected that Trump will defeat Vice President Kamala Harris after winning 276 Electoral College Votes, including some key swing states.
"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 decentralized exchange aggregator built on the Solana blockchain. "Certain sectors that have buoyed prices, such as the renewed interest in memecoins, may experience major price movements as individual states report election results."
In the lead-up to Election Day, memecoins and AI-related crypto tokens outperformed the overall crypto market. The sector of the crypto market is used as a measure of retail investors' risk appetite.