The rise of meme coins is making headlines again as Bitcoin attempts to break the $99,000 mark following the Thanksgiving holiday in the United States. Dogecoin, the original and most valuable meme coin, has seen a 7% increase in price to $0.42, reaching a high not seen since November 25. Despite its famous volatility, DOGE has surged by 149% in the last 30 days, driven by the support of figures like Elon Musk and the election win of pro-crypto candidate Donald Trump.
Other meme coins, such as Popcat (POPCAT), Bonk (BONK), Brett (BRETT), and Pepe (PEPE), are also experiencing gains, with double-digit increases seen in the past day. This sudden surge has resulted in the liquidation of nearly $221 million worth of crypto futures positions, with Dogecoin shorts accounting for a significant portion of the total. Traders who bet against the price of major meme coins have been caught off guard, with $6 million in DOGE shorts and $3.3 million in Peanut the Squirrel (PNUT) shorts liquidated.
Bitcoin, which hit an all-time high of $99,645 on November 22, is also on the rise, currently trading above $98,400. The leading cryptocurrency seems to be inching closer to the elusive $100,000 milestone, with a potential play for $99,000 in the works as it hovers around $98,685. The recent increase in Bitcoin’s price has led to a significant number of short positions being liquidated, adding to the overall volatility of the market.
As meme coins continue to gain momentum, investors and traders are closely monitoring the price movements of Dogecoin and other tokens. The support of influential figures like Elon Musk and the positive sentiment surrounding cryptocurrencies in the wake of Donald Trump’s election win are seen as driving forces behind the recent surge. With the market showing signs of bullishness, it remains to be seen whether meme coins can sustain their current momentum or if another round of volatility lies ahead.
Overall, the resurgence of meme coins and the strong performance of Bitcoin in recent weeks have sparked renewed interest in the cryptocurrency market. With prices on the rise and significant liquidations taking place, investors are keeping a close eye on the developments in the coming days. As the market continues to evolve and adapt to changing conditions, the future of meme coins and Bitcoin remains uncertain but full of potential for further growth and excitement.
