In summary
- Dogecoin rose 7% to $0.42 after a 149% surge in 30 days, boosted by Elon Musk’s support for Trump.
- Memecoins such as POPCAT, BONK, BRETT, and PEPE also recorded increases of up to 13% in one day.
- Liquidations on short positions of DOGE and other memecoins exceeded $9 million in 24 hours.
Memecoins are rising again after the US Thanksgiving holiday, with Dogecoin (DOGE) and other meme-themed tokens surging, while Bitcoin (BTC) attempts to return to $99,000 after almost a week below that mark.
Dogecoin, the original and most valuable meme coin by market capitalization, is currently priced at $0.42, after rising 7% on the day, according to data from CoinGecko. DOGE last reached this mark on November 25 and had been below it in the days since.
Like other meme cryptocurrencies, DOGE is famously volatile and can experience wild daily swings. However, it has risen enormously in recent weeks, increasing 149% in the last 30 days amid Elon Musk’s support for Donald Trump, and Trump’s electoral victory as a proscribed candidate. Dogecoin hit a three-year high price of $0.475 last Saturday.
The major meme cryptocurrencies have risen overall in the past day, with Popcat (POPCAT) up 12%, Bonk (BONK) up 13%, and Brett (BRETT) and Pepe (PEPE) each up around 9%.
The rise has wiped out some traders who were betting bearish on the price of major meme cryptocurrencies, according to data from CoinGlass, with nearly $6 million in short DOGE positions and $3.3 million in short Peanut the Squirrel (PNUT) positions. settled in the last 24 hours.
In total, $221 million in Cryptocurrency futures positions have been liquidated during this period, led by Bitcoin with around $65 million.
Most of the liquidated Bitcoin positions were short, as the price of the cryptocurrency is on the rise. BTC is currently trading above $98,400. Last Friday, Bitcoin hit an all-time high price of $99,645, moving closer than ever to the $100,000 milestone.
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