Dogecoin leads the Meme Coin Rebound As Bitcoin Nears $99,000

Meme coin mascots are happy. Image: Decrypt using AI.

After the US Thanksgiving, meme coins have risen again. Dogecoin and other tokens with a meme theme are gaining as Bitcoin (BTC), which has been below $99,000 for nearly a full week now, tests its return.

Dogecoin’s market cap is $0.42. This represents a 7% increase in price over yesterday, as per CoinGecko data. DOGE had last reached this level on November 25, and was below it ever since.

DOGE, like other meme currencies, is notoriously volatile. It can experience wild swings in price on a daily basis. But it's still up huge in recent weeks, jumping by 149% in price over the last 30 days amid famed backer Elon Musk's support of Donald Trump—and Trump's election win as a pro-crypto candidate. Dogecoin reached a price high of $0.475 on Saturday, a record for the three years.

Popcat’s (POPCAT) price has risen by 12% in the past 24 hours, Bonk’s (BONK) is up 13% and Brett and Pepe are each about 9% higher.

According to data from CoinGlass, traders who bet on the prices of meme currencies going down have been burned. Nearly $6 million worth of DOGE shorts, and $3.3 in Peanut the Squirrel shorts (PNUT), were liquidated in the last 24 hours. Overall, over the last 24 hours $221,000,000 worth of cryptocurrency futures were liquidated. Bitcoin was at $65,000,000.

It is worth noting that the majority of these liquidated Bitcoins were shorts. The price of Bitcoin, which is the most popular cryptocurrency at the moment, has also been on an upward trend. It's trading above $98,400 as of this writing and looked to be making a play for $99,000 earlier Friday, touching $98,685—but has cooled slightly since.

Bitcoin’s price reached an all-time record high on November 22. It now stands at $99 645, which is closer than ever before to $100.

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