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Thanksgiving is great for many reasons and this year, most of the crypto community degens can finally stand up tall. As the holiday comes to an end, relatives and friends return to their homes, excited by the stories told by that crypto friend who everyone used to make fun of and is now somewhat, a millionaire. And obviously, the market reacts, as FOMO kicks in and noncoiners rush for the top coins of the crypto world. Dogecoin (DOGE), the original meme coin and leader in market capitalization, is one such token. It has surged to $0.42, marking a 7% daily increase, according to CoinGecko. This rebound follows a brief dip after November 25, demonstrating DOGE’s resilience in the volatile crypto market.
DOGE’s recent momentum has been exceptional, skyrocketing by 149% in the past 30 days. The rally has been fueled by Elon Musk’s vocal support of Donald Trump, whose recent election victory as a pro-crypto candidate has added to the coin’s appeal. Just last Saturday, Dogecoin hit a three-year high of $0.475, solidifying its position as a top-performing asset.
Other Meme Coins Join the Party
Other meme coins are riding the wave alongside Dogecoin. Popcat (POPCAT) recorded a 12% gain, while Bonk (BONK) surged by 13%. Brett (BRETT) and Pepe (PEPE) each rose around 9% in the last 24 hours, further highlighting the resurgence of meme-themed cryptocurrencies.
Read Also: Top AI Meme Coins to Watch in 2025
The meme coin rally has not been kind to short sellers. Data from CoinGlass shows that $6 million worth of DOGE shorts and $3.3 million in Peanut the Squirrel (PNUT) shorts were liquidated within the past day. Across the crypto market, futures liquidations totalled $221 million, with Bitcoin leading the pack at $65 million. Most of these liquidations came from bearish positions, as traders underestimated the market’s bullish momentum.
Experts state that it is a bullish momentum like no other. Previously, all crypto bull runs were halted by global events. Mostly wars. It happened this year again with Israel and its counterparts. And yet, the market saw the light at the end of a tunnel with Donald Trump being elected as the next U.S. president and then Trump going full degen pro-crypto by appointing the right people for all government roles that one way or another touch the subject of blockchain.
Seeing these events unfold, TradFi institutions kickstarted a mass pilgrimage to the crypto wells and these guys are known for being thirsty. Retail is also starting to flock heavily, boosted by the likes of Pump.fun and general Solana ecosystem, that can rightfully be now tagged as the meme coin blockchain.
Bitcoin Closes in on $99K
Bitcoin (BTC), the leading cryptocurrency, continues its upward trajectory. Trading at $97,191 as of this writing, Bitcoin briefly touched $98,685 earlier on Friday. While it has cooled slightly, the market is anticipating another attempt to break the $99,000 barrier.
The recent rally comes on the heels of Bitcoin’s record-breaking performance last Friday, November 22, when it reached a historic high of $99,645. This milestone puts Bitcoin closer than ever to the coveted $100,000 mark, suggesting an exciting close to 2024 for the crypto market.
Read Also: Introducing Bitcoin-based Meme Coins
Dogecoin and its meme coin counterparts, alongside Bitcoin’s near-record performance, demonstrate the continued strength of the cryptocurrency market as the year comes to an end.
