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Alpha meme coin Doge rose to a top of $0.29 on Sunday following a break earlier in the day that saw the crypto spike to its highest point on October 30, 2021. The asset is up 27% over the last 24 hours, trading at $0.26, CoinGecko data shows.
Several market tailwinds
The recent election of President-elect Donald Trump, along with a likely "Red Sweep" in Congress, has boosted investor confidence. Anticipated reductions in corporate taxes and deregulation are creating a more favorable climate for risk assets, particularly in sectors that are highly sensitive to regulatory shifts.
Trump has promised to protect crypto mining interests, take a lighter approach to crypto regulation, all while vowing to push policy favorable to the industry.
At the same time, the U.S. Federal Reserve’s 25-basis-point rate cut last week boosted market optimism, benefiting rate-sensitive sectors like real estate and utilities. However, uncertainty remains about future rate cuts as potential new tariffs under the Trump administration could drive inflation.
Dog-themed meme coins are also following Doge’s tail, salivating at prospects of Tesla CEO and billionaire Elon Musk’s close association with Trump. Throughout the campaign, Musk had thrown his support behind the MAGA-aligned agenda, stirring interest across social media platforms and in crypto circles.
The trend has spurred speculative rallies in coins linked to Musk's image and associations, including Doge and others, as retail investors continue to jump on the latest meme-driven narratives.
Following closely behind the lead dog in the race, Shiba Inu (SHIB) is gunning for a 26% uplift over the same period. Ranked #11 by total market capitalization, SHIB was spun up in August 2020 by an anonymous developer known as Ryoshi.
As an Ethereum-based token, Shib was created as a decentralized, community-driven alternative to Doge. It gained popularity with influencer support and expanded its ecosystem to include ShibaSwap, an NFT project, and tokens like Leash and Bone.
Rounding off the race
Hot on the paws of the previous two, Floki Inu (FLOKI) has lept to a 20% high over the last 24 hours, peaking out at a market cap of $1.8 billion earlier in the day. Still, the asset remains down about 50% from its June 5 high of $0.0003449, CoinGecko data shows.
Floki launched in June 2021, inspired by Elon Musk naming his Shiba Inu puppy "Floki." Originally a meme coin, it now includes projects like a metaverse game, a crypto education platform, and an NFT marketplace.
Dogelon Mars (ELON) and Baby Doge Coin (BABYDOGE), meanwhile, are up about 17% and 11% over a 24-hour period but remain down by about 94% and 57% from their all-time highs, respectively.
Elon combines themes of space exploration with the Doge meme, capturing interest through its narrative of a "mission to Mars."
Babydoge, on the other hand, focuses on community engagement and charity, particularly animal welfare, promoting itself as a token for social good within the crypto space. Both have amassed dedicated communities and aim to bring unique value to the memecoin landscape.