The crypto market continued its remarkable surge into late 2024, with coins and tokens gaining significant value over the weekend and into Monday. The rally showed little sign of slowing down, as nearly every segment of the market experienced substantial gains.
Among the standout performers were meme tokens, with Shiba Inu (SHIB) soaring nearly 48% from market close on Friday to late afternoon Monday, while Pepe (PEPE) gained 23%. More established cryptocurrencies were also on the rise, with Cardano (ADA) climbing nearly 40%, and Solana (SOL) notching an 11% increase.
Bitcoin Leads the Charge
At the heart of this rally lies Bitcoin, which has been the driving force behind the broader market surge. As the first weekend following Donald Trump’s unexpected election victory unfolded, the crypto community continued to react positively to his win, propelling Bitcoin’s value beyond the $80,000 mark for the first time on Sunday. By Monday, Bitcoin had surpassed $87,000, showing no signs of slowing its momentum.
For many investors, particularly those new to crypto or more cautious in their approach, Bitcoin remains the most familiar and trusted asset. Its dominance in the market has made it a go-to choice for both seasoned traders and newcomers looking to capitalize on the current rally.
Solana Hits $100 Billion Market Cap
While Bitcoin remains the undisputed leader, Solana (SOL) has also seen impressive growth, driven by its growing utility and high-profile status within the crypto ecosystem. The blockchain, known for its speed and scalability, pushed its market cap above $100 billion, making it the fourth-largest cryptocurrency by market capitalization. Solana’s rise is seen as a reflection of the broader interest in utility-driven altcoins, positioning it as a key player in the altcoin sector.
Meme Coins Benefit from Musk’s Influence
Meme tokens, traditionally more volatile and speculative, have also been major beneficiaries of the current market wave. Much of the recent success of Shiba Inu and other meme coins can be attributed to the high visibility of Elon Musk, a key supporter of Dogecoin, which has seen renewed attention in the wake of Trump’s election victory. Musk’s influence has helped propel Shiba Inu (SHIB), which was created as a parody of Dogecoin, to the forefront of the meme coin rally.
The interplay between Musk’s vocal support for Dogecoin and Trump’s political momentum has created a unique dynamic, further fueling the meme coin market. As a result, tokens like Shiba Inu have seen outsized gains, as investors capitalize on the excitement surrounding both Musk’s involvement and the broader crypto market surge.
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