Last Monday, the cryptocurrency market witnessed a remarkable surge, with meme coins taking the lead in terms of performance. JasmyCoin experienced an impressive increase of over 20%, while Floki, Brett, and Dogwifhat saw their values rise by more than 20%. Other well-known meme coins, Popcat and Mog Coin, also emerged as big gainers of the day, promising more volatility and opportunities in the market.
Investors are now eagerly awaiting the upcoming Poodlana token sale, scheduled to begin next Tuesday. This event is highly anticipated and is expected to attract significant transaction volume and interest.
Another highlight of the day was the extraordinary increase in trading volume for Pepe coin (PEPE), which soared by over 60% in the last 24 hours. Currently, PEPE is trading at $0.00001225 with a 26% increase in just one day, pushing its market value over $4 billion and positioning it as the 24th largest cryptocurrency in terms of market value.
Meanwhile, Bitcoin reached a major milestone by trading at $64,800, a significant recovery from its monthly low of $53,400. This surge not only boosted Bitcoin but also had a ripple effect on other altcoins, resulting in a total market cap of $2.3 trillion.
This shift in the market occurred following impactful events such as the attack on Donald Trump and moderate comments from Jerome Powell, the president of the Federal Reserve. The incident involving Trump sparked speculation that his chances in the next elections could be strengthened, especially if he were to face Joe Biden. Recent polls suggest that Trump could potentially have a comfortable lead, fueling optimism among investors.
Trump, known for his support of cryptocurrencies and for launching several NFTs, holds a cryptoasset portfolio worth over $10 million. A potential Trump victory could also lead to a change in leadership at the Securities and Exchange Commission (SEC), with Gary Gensler, who has faced criticism for his regulatory policies, being replaced.
Lastly, Powell indicated that the Federal Reserve is optimistic about inflation continuing to decline in the coming months. This positive outlook tends to benefit risky assets like meme coins, which have recently experienced significant appreciation.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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