Cryptocurrency exchanges, institutions, and companies stood behind the Republican candidate and donated to political action committees, and this event, dubbed the “Bitcoin elections” on social media platforms, led to a surge in many cryptocurrency categories, especially meme coins.

Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK) and other meme tokens have recorded double-digit percent increases in the last 24 hours.

Meme coins inspired by Donald Trump experienced a correction and failed to recover even though Trump won the election. “We have a Bitcoin President,” tweeted Michael Saylor, founder of MicroStrategy and one of the largest public holders of Bitcoin, reflecting the mood among crypto investors.

Bitcoin (BTC) broke a new record, rising to $76,244 on election night following Donald Trump’s victory in the 2024 US Presidential elections. Meme coins DOGE, SHIB, PEPE, WIF, BONK rose along with Bitcoin, posting almost double-digit gains.

Donald Trump is popular among crypto investors as Bitcoin President, according to CoinGecko data, and the crypto market cap increased by approximately 0.5 percent following the election results. Cryptocurrency market capitalization exceeded $2.67 trillion on Friday, November 8.

The Donald Trump-inspired MAGA (TRUMP) meme coin lost 7 percent of its value on Friday at the time of writing. Crypto investors were described as “extremely greedy” in the crypto fear and greed index on Thursday. Often “excessive greed” is associated with an impending correction in the crypto market.

The index fell to 75, showing that “greed” is widespread among investors. Meme coins have become a leading narrative in the ongoing Bitcoin market cycle, delivering the highest gains for investors in the first and second quarters of 2024. The market value of this token category increased by 17 percent, exceeding $75.24 billion, according to CoinGecko data.

Dogecoin, Pepe, Bonk, Popcat (POPCAT), Floki (FLOKI), Brett (BRETT) and Neiro (NEIRO), which are among the top 10 meme coins by market value, recorded double-digit percent increases on Thursday.

The 24-hour trading volume of the meme coin category was recorded at $15.48 billion, and the sector is leading gains in the crypto market. Meme coins triggered gains in the crypto ecosystem with increased activity and transaction volume after the election.

The three biggest factors driving the gains are Bitcoin hitting a new all-time high, increased open interest in meme coins, and positive mood among investors.

Data shows that derivatives investors placed big bets on meme coins after Trump’s victory and expected higher returns in this token category.

Open interest in Dogecoin increased to $1.07 billion on Thursday, indicating that the token has high activity and importance among investors, according to Coinglass data.