Memecoins Surge as Trump's Pro-Crypto Stance Boosts Investor Confidence

Following Donald Trump's recent presidential victory, the cryptocurrency market has seen pronounced volatility, with memecoins displaying the strongest reactions.

As Donald Trump emerged victorious in the US presidential election, memecoins closely linked to the President-elect or his supporters witnessed a strong rally. In particular, DOGEGOV, Dogecoin, Shiba Inu, and PEPE coin recorded significant price spikes.

Here’s a closer look at how each memecoin reacted to Trump’s win:

1. DOGEGOV: A Trump-Era Memecoin Surges

Following Donald Trump’s win in the US presidential election, any and all memecoins associated with the President-elect were bound to jump. In Sept. 2024, Donald Trump announced he would form a government efficiency commission, with Elon Musk agreeing to lead it.

The commission aimed to cut spending and reduce regulations, aligning with Musk’s push for deregulation despite his companies’ federal ties. Interestingly, the department’s proposed name is the ‘Department of Government Efficiency‘ or D.O.G.E.

The crypto community responded with a memecoin that was the namesake of the proposed department. The token has been making higher highs since its launch in Sept. 2024, and on Nov. 6, the token reached a new all-time high near $0.094.

If the US election euphoria-induced bull run continues, DOGEGOV price could reach a new ATH after crossing above the resistances near $0.08 and $0.1.

However, the token’s likely fate would be profit booking. As such, the DOGEGOV price could drop to support levels near $0.056 and $0.035 before recovering.

2. Dogecoin: Musk’s Charm Still Works

Next on the list is the OG memecoin, Dogecoin. With Musk’s overtly public support of Donald Trump, a win was bound to be a bullish cue for the canine-themed token. DOGE price did not disappoint, with the DOGE USD pair spiking nearly 31% to a daily high near $0.22 before falling prey to profit booking.

If the rally continues, bulls would likely try to push DOGE price back above the resistance near $0.202. Consolidating above the immediate resistance might help the token flip the resistance near $0.22.

Conversely, continued profit booking from here would likely result in the token dropping to the support levels near $0.176 and $0.156.

The Musk and Trump connection certainly helped the DOGE USD pair reach above $0.2 for the first time since April earlier this year.

3. Shiba Inu: Playing Second Fiddle To Dogecoin

Shiba Inu, the second largest memecoin and a joke on the original canine token Dogecoin, also joined the Trump US election win party. However, the SHIB USD pair only jumped about 11% to reach a daily high near $0.00002.

The slightly subdued reaction was likely a result of more trader flocking for DOGE (the Musk effect) or Trump-themed memecoins, which showed more volatility than others.

SHIB prices failed to exceed the $0.00002 price mark, suggesting strong selling pressure near the resistance. As such, breaking above $0.00002 could help the SHIB USD pair rise to the resistance near $0.000022.

Continuing bullish market conditions following Donald Trump’s win in the US presidential elections could help SHIB price reach its targets.

Conversely, increased sell-off could force SHIB to test the 50-day EMA (purple) and 200-day EMA (green) support confluence near $0.000017. If the immediate support level fails, SHIB price could drop to the support near $0.000015.

4. PEPE Coin: Surging Without Trump Ties

Pepe coin presented a fine example of how Donald Trump winning the U.S. presidential elections impacted the memecoins. The above three tokens had some connection to either Trump or his supporters. PEPE, however, reacted almost purely to bullish market sentiment.

As a result, the PEPE USD pair ended up with a decent 16% spike to a daily high near $0.00000995. The token now faces resistance near $0.00001, flipping which would help PEPE price rally to the resistance near $0.0000109.

When the US election hype cools down, or profit booking settles in, the PEPE price could drop to the resistance near $0.0000086 and $0.0000077.