Trump’s Victory Leads to Whales Accumulating Memecoins

Memecoins are reflecting what probably everyone in the crypto segment is experiencing – optimism and a bull run. They have surged significantly and a lot of attention is on PEPE. It has emerged as one of the most preferred altcoins in the past. It has sustained gains when the market was in turbulence. By the looks of it, PEPE has a bright future ahead as well. Whales are reportedly accumulating the frog-themed meme coin while focusing on other tokens as well including Trump-themed politico meme coins.

PEPE the Top Memecoin

It is estimated that three wallets have withdrawn 835.6 billion PEPE tokens from Gate.io and Binance collectively. They are worth almost $7.94 million. LookOnChain has underlined that 2 out of 3 wallets executed withdrawals from Binance while only one wallet took to Gaye.io to withdraw 135.45 billion PEPE tokens.

A transfer from exchange platforms to wallets is a sign that there is every possible intention of holding on to the memecoins instead of selling them. That action often translates to the creation of selling pressure which brings dips to the market. For reference, PEPE is exchanging hands at $0.000009351, up by 14.07% in the last 24 hours, at the time of articulating this piece. The 24-hour trading volume has soared by 123.97% to $1.31 billion with a market cap of $3.93 billion.

Accumulation of PEPE tokens is also under the projections of its price in the times to come. The next 30 days are projected to see a jump of 239.90%, taking its value to $0.00003087.

Dogecoin is gaining a lot of attention. It can be credited to two factors – its position at the top of the charts of meme coins and the announcement of the appointment of Elon Musk as the head of D.O.G.E, which is an acronym for Department of Government Efficiency. The goal would be to have a Federal Task Audit Force that will look into the aspects of financial and performance audits of the Federal Government. The department will also be responsible for recommending measures to the government to have a more efficient allocation of funds.

Elon Musk teased the name D.O.G.E through his X profile and saw the majority of his followers endorse the idea.

The optimism further spreads across the politico memecoins like MAGA, which is currently down by 7.36% to $3.15. PEOPLE has gained 5.3% during the same time window and MAGA TRUMP is on the road to recovery with an uptick of 1.5% in the last 24 hours when drafting this piece.

MAGA Hat has nearly reversed the losses by gaining 7.9% in the last 1 hour. It is now listed at $0.0001566. Super Trump is one of the biggest gainers on the list, with an uptick of 13.2% for a value of $0.004415. It suffices to say that Donald Trump winning the US Presidential elections in 2024 is, for now, having a positive impact on the memecoin crypto market.

Also Read: Ripple CEO’s take on Growing Influence of Crypto Community