The best performing token as of November 2024 it is Dogecoinconsidered by many to be the first “meme coin” in the industry. However, the performance of Solana, Binance Coin and of course, Bitcoin, which occupies fourth place in the ranking, stands out.
Like many other tokens, Dogecoin saw a massive surge following Donald Trump’s victory in the 2024 presidential election. This places it in seventh place by market capitalization, above projects considered stronger in the industry, such as Cardano or Avalanche.
According to PinPoint Macro Analytics data, both investors and speculators are confident that the incoming administration will be crypto-friendly. Another influential factor, especially for Dogecoin, is Elon Musk’s growing role in the government.
Musk, a well-known cryptocurrency advocate, expressed his support for Doge on multiple occasions through tweets and interviews. The possible creation of Department of Government Efficiency (DOGE) It also sparked an increase in interest in Dogecoin, which rose more than 430% to $0.414 as of Monday morning.
Other Cryptocurrencies with high performance
In addition to Dogecoin, these cryptocurrencies stood out in the ranking.
- Solana (SOL): Recognized for its fast transactions, it is a favorite among NFT and gaming creators play-to-earn. Until this Monday, November 25, there is an increase of 341%.
- Binance Coin (BNB): Native currency of the Binance ecosystem, it has faced controversies, including its involvement in the fall of FTX, which boasts a 187% rise.
- Zcash (ZEC): Privacy-focused cryptocurrency that uses “zero-knowledge proofs,” allowing transactions to be verified without revealing details such as sender, receiver or amount, has recently risen 75.5%.
For its part, BTC shows an increase of 158% annually. And it leads the capitalization of the crypto market with an impressive US$1.9 trillion out of a total of US$3.5 trillion.
Solana (SOL) performance
2024 marked a decisive year for Solana (SOL)as the cryptocurrency recovered its 2021 price levels and exceeded $250. Although this Monday the crypto gives up a little, it remains above US$240. The balance is positive in the last three months with a 42% profit.
The data indicates that Solana significantly improved his performance before the US presidential election, although his upward trajectory began even earlier.
Although “meme coins” lack the utility and features of main cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or Solana (SOL), they have become key elements of the market cycle, standing out as some of the assets with better performance.
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The Solana ecosystem has established itself as an important center for “meme coins”. This position was further strengthened in early 2024 with the launch of Pump.Funa platform designed to quickly create and launch “meme coins.”
The week before the US presidential elections brought notable volatility to the crypto market, with price rises and falls. However, as election day approached on November 5, cryptocurrencies found stabilization, and the Solana ecosystem showed notable confidence.
During that week, Solana registered US$172 million in transactions on the chainwhich marked a strong recovery after a drop in the summer, with visible growth since September.
On November 5, data from Dune revealed that Solana recorded u$s69.5 million transactionsleading among blockchains. In comparison, Basethe second blockchain, had only $7 million in transactions, a difference of 894%.
Solana’s growth did not stop there. Blockchain activity continued to rise after the election, further consolidating its dominance. On November 22, Solana’s transaction count reached $83.7 millionwhich configured the 79% of all blockchain transactions in the last 90 days.
Source: Ambito
