The momentum of the rise in meme coins cannot be underestimated in the post-Thanksgiving market activities. The prices of Doge and other meme coins have continued to rise, with the market sentiment high, as Bitcoin may once again break through the $100,000 mark.
Doge Leads the Meme Coin Rebound
After the Thanksgiving holiday in the United States, the cryptocurrency market has become active again. Among them, the performance of Doge (DOGE) and other meme-themed tokens has been particularly impressive. According to CoinGecko data, Doge rose 7% on the day, with a price reaching $0.42. This price level was not broken by Doge in the previous few days. Behind all this is the result of the market's optimistic sentiment towards cryptocurrencies and a series of complex market dynamics.
As the highest market cap original MEME coin, the price fluctuations of Doge have always been closely watched by the market. Like other MEME coins, Doge has extremely high price volatility, with significant rises and falls every day. However, over the past few weeks, the price of Doge has shown a significant upward trend. The reason for this surge, in addition to the overall market sentiment, is also related to the support of some well-known figures, such as Elon Musk's support and the potential political influence of Donald Trump. Especially last Saturday, the price of Doge reached a three-year high of an astonishing $0.475.
Other MEME coins have also seen a comprehensive rise
Popcat (POPCAT) rose 12%, Bonk (BONK) rose 13%, and Brett (BRETT) and Pepe (PEPE) also had about 9% gains respectively. This collective rise of MEME coins has made the market more active, with trading volume increasing significantly.
However, behind this surge, there are also many traders who have suffered losses by shorting these MEME coins. According to CoinGlass data, in the past 24 hours, nearly $6 million in DOGE short positions and $3.3 million in Peanut the Squirrel (PNUT) short positions have been liquidated. This indicates that the market's optimism towards these MEME coins is very high, and many traders were unable to adjust their strategies in time when the market trend changed, resulting in heavy losses.
The price of Bitcoin, the leading cryptocurrency, is also rising
Although the price of Bitcoin has fluctuated between $97,400 and $98,645, the overall trend is upward. Many traders and market observers believe that Bitcoin may once again break through the $100,000 mark. If this prediction comes true, it will have a huge driving force on the entire cryptocurrency market.
The cryptocurrency market in the post-Thanksgiving period has shown a positive and upward trend. Whether it's Doge or other MEME coins, or even mainstream cryptocurrencies like Bitcoin, they have all shown strong growth momentum. This undoubtedly brings great confidence and expectations to investors. But at the same time, the market is also full of uncertainty, and investors need to make prudent decisions and rationally view the market fluctuations.
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