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At press time, the total coin market capitalization stood at $99 billion following a strong rally that saw it increase by over 5% in 24 hours. During this period, trading volumes in the meme coin market jumped 57% to $11 billion.
This resumption comes less than a week before the inauguration of Donald Trump. This event could bode well for most meme coins.
Coins to Watch as Trump’s Inauguration Approaches
Dogecoin (DOGE) could lead the coin rally after Trump’s inauguration. One of the factors that could favor these gains is the Department of Government Effectiveness (DOGE) division co-led by Elon Musk, one of Dogecoin’s main supporters.
Musk has been instrumental in driving Dogecoin’s price rise over the years. Therefore, as one of Trump’s major supporters and as DOGE is an official government entity, the largest dog-themed coin could be set for a parabolic rally.
& nbspAt press time, DOGE was already showing bullish trends. This is after recording a 6% gain in 24 hours to trade at $0.35.
Shiba Inu (SHIB) also tends to follow the price movements of Dogecoin. The token recorded a 3% gain in 24 hours to trade at $0.0000215. PEPE (PEPE) and FLOKI (FLOKI) had also gained 2.7% and 4% respectively.
Despite these meme coins showing signs of a strong bullish recovery, some analysts predict that the inauguration could be a selling event. Like ZyCrypto reportedBitMEX co-founder Arthur Hayes warned of “vicious” crypto market liquidation in 2025 if Trump’s crypto policies take time to be adopted.
Trump will host a “crypto ball” during his inauguration
Trump is expected to host a “crypto ball” at his inauguration event, which several industry representatives are expected to attend. This event will also bring together leaders from the technology sector.
During his election campaign last year, Trump announced that he would issue crypto policy executive orders on his first day in office that would help guide the regulatory framework for crypto in the United States.
As the inauguration event approaches, the crypto community is abuzz with speculation about its impact on crypto prices and whether the rally seen in the weeks following the November election will repeat itself.