Cryptocurrency Market Reversal After the Election
Recent market data reveals a reversal of fortunes for many digital assets, erasing gains made in the post-election rally of early 2024. Meme coins, in particular, have seen a sharp decline, with their collective market capitalization nearing levels last observed in November 2024. Financial analysts point out that this pullback effectively nullifies the gains seen during the previous “meme coin season.”
Meme Coin Decline
Dogecoin (DOGE), the original meme coin, surged from approximately $0.20 to almost $0.5 in the weeks leading up to the election. However, it has largely relinquished its upward trajectory. Following a significant market downturn, DOGE has returned to trading around its earlier level of $0.20.
Shiba Inu (SHIB) displays a similar trend. The token has fallen from its December high of $0.000033 to around $0.0000133, dropping below its pre-election value. Other meme-based assets have also struggled. The price of Pepe (PEPE), for instance, plummeted from $0.0000264 in December to roughly $0.00000575, marking a decline of over 75% in just two months.
Other tokens, including Bonk (BONK) and FLOKI (FLOKI), have experienced similar downward trends. BONK decreased from a December peak of $0.000054 to approximately $0.0000125 by late February, while FLOKI fell from around $0.00027 at the end of November to about $0.000077 as of late February. Dogwifhat (WIF), another meme coin, saw an even more dramatic fall, plummeting by over 89% from $4.20 shortly after the election to $0.51 at the time of this report.
Resilience of Leading Cryptocurrencies
Despite the volatility in the meme coin market, major cryptocurrencies like Bitcoin (BTC) and XRP continue to demonstrate strong performance. Bitcoin, which increased from around $65,400 before the election to over $109,000 in January, has since tempered its gains but remains robust at approximately $90,000—an increase of over 42% compared to November levels.
XRP has also shown significant resilience. After rising from $0.706 in early November to $3.33 in January, it later retraced to around $2.21. Despite this pullback, XRP still maintains an impressive overall rise of roughly 245% since the election period. This positive momentum seems to be fueled by growing optimism surrounding potential XRP exchange-traded funds.
Developments in XRP ETF Approvals
Brazil recently approved the world’s first spot XRP ETF, marking a significant regulatory development. The fund, which will trade on the B3 exchange, will be managed by Hashdex with administrative support from Genial Investimentos. Concurrently, the US Securities and Exchange Commission is evaluating spot XRP ETF applications from major asset managers like 21Shares, Bitwise, Grayscale, and CoinShares. This difference in regulatory approaches underscores the varying rates at which established cryptocurrencies are adapting amid market fluctuations and investor profit-taking in more speculative digital assets.
| Cryptocurrency | Notable Movement |
| Dogecoin (DOGE) | Rallied from ~$0.20 to nearly $0.5 before falling back to $0.20 |
| Shiba Inu (SHIB) | Declined from $0.000033 peak to $0.0000133 |
| Pepe (PEPE) | Experienced a drop of over 75% in two months |
| Bitcoin (BTC) | Remains over 42% higher than November levels |
| XRP | Up by approximately 245% since the election period |
This analysis underscores a clear divide within the cryptocurrency market. While speculative meme coins have faced substantial setbacks, major cryptocurrencies continue to maintain their momentum. This reflects the different market dynamics at play and the increasing regulatory interest in more established digital assets.
Jason Walker, aka “Crypto Maverick,” is the energetic new member of cryptovista360.com. With a background in digital finance and a passion for blockchain, he makes complex crypto topics engaging and accessible. His mix of analysis and humor simplifies volatile market trends. Outside work, Jason explores tech, enjoys spontaneous road trips, and American cuisine. Crypto Maverick is ready to guide you through the ever-changing crypto landscape with insight and a smile.