On the previous Monday, the cryptocurrency market had an impressive surge, with meme coins taking the lead in terms of performance. JasmyCoin saw a remarkable increase of over 20%, while Floki, Brett, and Dogwifhat also experienced gains of more than 20%. Other popular meme coins such as Popcat and Mog Coin were among the top performers of the day, indicating potential volatility and opportunities in the market.
Investors are eagerly awaiting the upcoming Poodlana token sale, set to commence next Tuesday. This event is highly anticipated and is expected to draw significant transaction volume and interest.
A notable highlight of the day was the extraordinary increase in trading volume of Pepe coin (PEPE), which surged by more than 60% in the last 24 hours. Currently trading at $0.00001225, PEPE recorded a 26% daily increase, pushing its market value over $4 billion and ranking it as the 24th largest cryptocurrency by market value.
Simultaneously, Bitcoin reached a milestone by reaching $64,800, rebounding significantly from its monthly low of $53,400. This uptrend not only benefitted Bitcoin but also had a positive impact on other altcoins, raising the total market cap to $2.3 trillion.
This shift in the market landscape followed significant events such as the attack on Donald Trump and cautious remarks from Jerome Powell, the Federal Reserve chairman. The incident involving Trump sparked speculation about his potential re-election chances, particularly if he were to face Joe Biden. Recent polls indicate that Trump could be in a favorable position, sparking optimism among investors.
Trump, a known supporter of cryptocurrencies and creator of various NFTs, holds a crypto portfolio exceeding $10 million. A potential Trump victory could also lead to a change in leadership at the Securities and Exchange Commission (SEC), potentially replacing Gary Gensler, who has faced scrutiny for his regulatory approach.
Moreover, Powell hinted that the Federal Reserve remains optimistic about the decline in inflation in the upcoming months. This optimistic outlook tends to favor risky assets like meme coins, which have recently shown significant appreciation.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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