Donald Trump’s landmark victory may have kickstarted the second ‘up-only’ phase of the crypto bull market.
The Bitcoin price hit a new all-time high of $75,300 as Trump closed in on the victory. However, Solana and Dogecoin are leading the pack of top crypto gainers, both with a 20% green candle in the past 24 hours.
SOL has flipped BNB in terms of market capitalization while Dogecoin appears poised to surge past XRP. Their bullish strength has provided a major boost to new meme coins like Goatseus Maximus, First Neiro On Ethereum and Pepe Unchained.
Experts believe that sidelined investors now have an extremely short window to stack low-cap, high-potential tokens before the start of the meme coin supercycle.
Solana Price Skyrockets Following Trump’s Win - Spot SOL ETF Incoming?
It is hard to overstate the bullish impact of Donald Trump’s victory for Solana.
While Bitcoin and Ethereum already have their respective spot ETFs, it was unlikely that a hostile US Securities and Exchange Commission, led by Chair Gary Gensler, would ever approve a spot Solana ETF.
However, President-elect Trump has promised to fire Gary Gensler on day one.
There is also growing speculation that the pro-crypto Hester Peirce, referred to by some as the “crypto mom”, could replace Gensler. Unsurprisingly, the move will provide a major boost to the approval odds of a spot Solana ETF.
Last week, Canary Capital joined VanEck and 21Shares as the third firm to file an S-1 form for a spot Solana ETF. It remains to be seen whether the TradFi giants BlackRock and Fidelity join the race.
Moreover, Solana, along with other large-cap altcoins, could gain regulatory clarity under a favourable SEC and Senate Banking Committee. The current Gensler-led SEC views every altcoin as an unregistered security, making it unappealing to the institutions.
Following the Trump victory, digital assets like Solana could get their own set of regulations, which could result in significant institutional investment.
Unsurprisingly, the Solana price has soared after Trump’s re-election, trading as high as $188. Data from Coinglass reveals that the SOL Open Interest has also reached $2.92 billion, its highest value in the past 3 years.
If Bitcoin continues to show strength, experts believe that a new Solana all-time high is imminent in November.
Dogecoin Set To Flip XRP
With the Donald Trump win, Elon Musk is now set to lead the Department of Government Efficiency.
It is therefore no surprise that the Dogecoin price rallied by nearly 20% today with a 200% spike in its daily volume, coming extremely close to flipping XRP.
The DOGE price is currently trading at $0.20, which is crucial resistance for the meme coin. A sustained close above the level could trigger a push towards a new all-time high. Even a weekly close above its 0.50 Fibonacci level, which is currently just above $0.19, could be enough for a parabolic DOGE rally.
With @elonmusk now influencing the 47th President, @realDonaldTrump, #Dogecoin could be primed for a wild ride!In past bull cycles, once $DOGE broke the 0.50 Fib retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see #DOGE hit… pic.twitter.com/VEWXZ0NYOd
— Ali (@ali_charts) November 6, 2024
Investors are also eyeing the possibility of a spot Dogecoin ETF.
Could These New Meme Coins Offer 100x Returns?
Solana and Dogecoin show a high degree of correlation with new meme coins. Unsurprisingly, SOL meme coins Goatseus Maximus and Peanut The Squirrel are up by 25% and 40%, respectively.
However, smart money investors are frantically searching for meme tokens with even lower market caps, expecting to bag the next 100x gem amidst the ongoing bull market euphoria.
For instance, a crypto whale swapped $79k worth of Ethereum for Pepe Unchained (PEPU), one of the hottest presale tokens of 2024.
The Pepe Unchained ICO has now raised $25 million following Trump’s victory, grabbing the attention of sidelined meme coin investors.
Furthermore, PEPU continues to establish itself as one of the top utility-driven meme coins. Its Layer-2 ecosystem, which aims to offer low trading costs, instant transactions and cutting-edge tools, is common knowledge by now.
However, the project has added another unique feature, Pepe Pump Pad, a 2-click meme coin launchpad that could emerge as a competitor to Solana’s pump.fun. Built directly on top of the Pepe Unchained L2, the Pump Pad will allow builders to launch new meme coins with low trading costs and excellent scalability, without any coding or technical skills.
TODAY IS A BIG DAY!!! 🔥Not only have reached the $25M milestone, but we have a major announcement for you all.Buckle up and read below 👇 pic.twitter.com/Y2dEhrozb1
— Pepe Unchained (@pepe_unchained) November 6, 2024
Quite simply, Pepe Unchained aims to establish a new meme coin ecosystem, with PEPU at the core of it all.
Unsurprisingly, it has impressed smart money investors and retailers alike, with prominent crypto influencers backing it as the next 100x crypto.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
