BTC Dips As Trump’s Lead Evaporates, New Meme Coins Remain In High Demand

After trading as high as $73,500 earlier this week, the Bitcoin price has dipped to $68,800 at press time, retesting the $68k support level

Bitcoin price dipped to $68,800 on Friday after hitting a high of $73,500 earlier this week as Donald Trump’s lead slipped three days before the US Presidential elections.

Meanwhile, a weak October US Jobs Report raised concerns over a potential upcoming recession.

However, new meme coins appeared to be largely unaffected by the bearish market sentiment as FWOG reached a new all-time high and Pepe Unchained hit the $24 million mark in its presale.

Bitcoin price dipped on Friday as Trump’s lead slipped with just three days left for the US Presidential elections. Crypto markets have been buzzing with anticipation over Donald Trump’s pro-crypto stance, with his promises ranging from firing SEC Chair Gary Gensler to setting up a Strategic Bitcoin Reserve.

Earlier this week, crypto markets soared as Trump maintained a strong lead on betting platforms like Kalshi and Polymarket. However, the former President’s lead appears to be slipping now.

Trump's lead on Kalshi is down to just 6% after hitting as high as 30% earlier this week.

Meanwhile, Vice President Kamala Harris took the lead in key battleground states of Michigan and Wisconsin on Polymarket.

Unsurprisingly, the Bitcoin price is reacting negatively to Trump’s slippage in the polls.

To add to the bearish pressure, the latest US Jobs Report highlights that the economy added only 12,000 jobs in October, substantially lower than the expected 106,000 figure.

This sparked concerns of an upcoming recession and sent the Bitcoin price down to $68,800 at press time, retesting the $68k support level for the second time in 24 hours.

Prominent crypto expert Nebraskangooner highlighted two key support levels for Bitcoin – $69,400 and $67,800.

As of press time, the Bitcoin price is already trading below the first support, making $67,800 a crucial level for the bulls to hold.

However, the most important level for BTC remains the 99-day Smoothed Moving Average at $66,500. After a perfect retest of the level earlier this month, the BTC price skyrocketed to $73,500.

However, a breakdown below could result in major downside volatility, potentially sending the price down to $60,000.

New meme coins continued to show little correlation to the broader market sentiment on Friday.

While Dogwifhat and Popcat faced the possibility of major downside volatility, a new Solana meme coin FWOG reached a new all-time high on Friday.

Solana meme coin $FWOG hit a new all-time high on Friday.

Similarly, another frog meme coin, Pepe Unchained (PEPU), continued its strong presale performance, hitting $24 million.

We just hit 24M! The GigaBrain community really is showing out for Pepe and we love it! Thank you so much for your continued support and we can't wait for what the future holds! pic.twitter.com/HReinuWM76

PEPU has appealed to both whales and retail investors owing to its utility-driven nature and sound tokenomics.

For instance, Pepe Unchained’s Layer-2 ecosystem – which is expected to offer extremely low trading costs and instant transactions – is creating a strong buzz among meme coin enthusiasts. PEPU holders will also be able to take advantage of cutting-edge tools like a custom DEX, Ethereum bridge and advanced analytics.

Moreover, the project has its own staking protocol which is currently offering an APY of just under 100%.

Unsurprisingly, prominent crypto influencers are bullish on the new meme coin, with some investors eyeing anywhere between 50x to 100x returns from it.