Bitcoin Hits New All-Time High After US Election
A week has passed since the highly anticipated US presidential election results were announced, with former President Donald John Trump returning to the White House and being elected as the 47th President of the United States. In this election, Trump, who had previously been dismissive of cryptocurrencies, transformed into a "crypto-friendly" presidential candidate, using the opportunity to attract more young voters who invest in cryptocurrencies. Therefore, whether Trump won the election was the biggest factor in triggering this year's Bull market for the crypto industry.
Further Reading:
Trump Returns to the White House! Bit coin Surges to $76,400, Targeting $100,000 Next Year?
Will the 2024 US Election Have a Major Impact on Cryptocurrencies? Meme Coins Also Skyrocket!
From November 5th to today (11/14), Bit coin has surged by about 32%. Although it experienced a slight dip the other day due to the upcoming release of the US CPI (Consumer Price Index) data, yesterday (11/13) the CPI data released at 9:30 PM Taiwan time met expectations, increasing the likelihood of a US interest rate cut in December, causing Bit coin to surge to a new all-time high of $93,000.
What are interest rate cuts and CPI? Recommended reading:
Trump Appoints Musk to Lead the "DOGE" Department, Dogecoin Skyrockets!
Elon Musk, the CEO of Tesla, who openly supported Trump's victory before the election, is also the former CEO of Twitter, now known as X, and has a deep connection with the meme coin Dogecoin. In addition to Musk frequently posting Dogecoin-related posts or memes on X, Tesla consumers can also use Dogecoin to pay for merchandise.
What are meme coins? Recommended reading:
This time, Trump announced that after he takes office, he will appoint Musk and Indian-American entrepreneur Vivek Ramaswamy to jointly lead the "Department of Government Efficiency" (DOGE), causing the leading meme coin - Dogecoin - to skyrocket from $0.16 before the election to over $0.43! Dogecoin's market cap temporarily surpassed that of companies like Mercedes-Benz and Adidas, temporarily occupying the sixth-largest cryptocurrency position.
🚨STATEMENT FROM PRESIDENT DONALD J. TRUMP
Let's go, @elonmusk @VivekGRamaswamy! pic.twitter.com/YKT1V1UBVR
— Karoline Leavitt (@kleavittnh) November 13, 2024
The crypto market is not just seeing this money-making dog, as other dog-themed meme coins like $FLOKI, $BONK, $WIF, and $SHIB have also surged by more than 20%, this pack of dogs is coming in strong!
Dogecoin Surges, But Another Squirrel Meme Coin Also Skyrockets?
In addition to the pack of dogs, another squirrel meme coin $PNUT has been rising sharply since yesterday (11/13) morning, surging from $0.4 to a high of $1.8, and even reaching $2.5 today! But what is this $PNUT? It is a social media influencer squirrel named Peanut, who has hundreds of thousands of followers on Instagram (91.2 million as of the writing). In early November, around the time of the presidential election, its owner posted a video informing its followers of a tragic news - Peanut was euthanized by the environmental department due to suspected rabies.
Subsequently, the owner also released a petition, and Trump's son as well as Musk also took the opportunity to express their dissatisfaction with the Democratic administration, sparking widespread discussion and evolving into a US political movement. The meme coin $PNUT was also quickly listed on the OKX exchange about a week after the incident, and $PNUT has not disappointed, with a stunning price surge.
Currently, Bit coin is only $7,000 away from $100,000. Whether it can break through $100,000 by the end of the year, whether Dogecoin can climb to the target of $1, and whether Ethereum can reverse its downtrend and join the rally, let's wait and see!
( * The content of this article does not constitute any form of investment advice. All investments carry risks, please research and consider carefully before deciding! )
〈Trump Appoints Musk to Lead the DOGE Department! Bit coin Breaks $93,000, Is the Bull Market Here?〉This article was first published on《NONE LAND》.
