Memecoins Surge as Crypto Traders Bet $2.8 Billion to Back Trump over Harris: DOGE, POPCAT, TrumpCoin Price Analysis

Memecoin Market Analysis: 

Over the past month, Billionaire Entrepreneur Elon Musk has made multiple bullish statements around Dogecoin (DOGE) on Donald Trump’s campaign trail.

Increased awareness and positive sentiment surrounding Dogecoin impressive monthly-time frame price gains has triggered a wave of buying pressure across the global memecoin sector, with the likes of POPCAT, TrumpCoin dominating their respective sub-markets.

Crypto Traders Bet $2.8B on Donald Trump to Defeat Kamala Harris

The US Elections have emerged one of the most dominant topics within the global cryptocurrency community. 4-years of intense regulatory scrutiny during the Biden regime, saw major crypto firms like Binance, Coinbase, and Ripple caught in the crosshairs.

Promising a friendlier regulatory stance towards cryptocurrencies, and support for blockchain-based technological innovation within the US borders, Donald Trump has made crypto a central theme of his ongoing campaign.

After announcing his support for crypto at the Bitcoin 2024 conference in July, Trump turn the support up another notch in October as he linked up with Elon Musk, for the last legs of his campaign trail.

Elon Musk’s well-documented affinity for Dogecoin and the broader crypto memecoin sub-culture was instantly brought to fore, as the campaigns intensified.

Polymarkets is a markets prediction platform that allows traders place bets on real-world events, using crypto. The chart above, depicting historical flow of active bets on the US presidential elections, shows Kamala Harris led the polls in late October.

However, as Elon Musk joined the campaign trail in October, the momentum swung in favor of Donald Trump. At the time of writing on Oct 31, the bet volume has exceeded $2.77 billion with Donald Trump emerging the overwhelming favorite with 65.5%, to Kamal Harris in distant second with 35% of total votes.

Top Memecoins Gain $5B amid Pre-Election Frenzy

As the US Presidential Elections draw closer, markets data trends shows that there’s majority of investor demand in crypto has veered towards BTC and memecoin sectors. Since Elon Musk’s bullish statements about DOGE triggered double-digit rally since the start of October, the positive sentiment has spread towards some strategic assets.

DOGE, MAGA and POPCAT, 3 of the top performing memecoins this week have added over $5 billion to their aggregate market cap this week.

While Dogecoin (DOGE) leads the market, Trumpcoin (MAGA) a memecoin created with Donald Trump’s iconography, has drawn capital towards the political meme sector, and POPCAT has emerged the best-performer among top-ranked Solana memes.

Dogecoin Price Forecast: $0.20 Breakout In Sight if Elon Musk Fire Last Minute Frenzy

Dogecoin (DOGE) has been riding a bullish wave since early October, largely driven by Elon Musk’s repeated endorsements and the broader pre-election market dynamics.

This month alone, Musk’s statements have sparked multiple rallies for Dogecoin, reinforcing the connection between his influence and DOGE’s price action. Notable instances from previous years also show how Musk’s tweets, memes, and references to DOGE have triggered substantial price surges, underlining his role as a key sentiment driver for the memecoin.

With the U.S. elections around the corner, Trump-themed memecoins such as MAGA have also attracted attention, suggesting a broader interest in politically-charged assets.

However, DOGE remains the leader in this space, with Musk’s potential for a last-minute mention likely to trigger a renewed rally that could see DOGE testing higher levels.

The DOGEUSD daily chart displays a strong bullish trend, with prices currently holding above the $0.169 level.

Firstly, Parabolic SAR is positioned below the price, the Parabolic SAR indicator signals ongoing upward momentum. If this bullish alignment persist it will support DOGE’s push toward higher resistance levels.

Secondly, the upper boundary of the Donchian Channel stands at $0.1795, a resistance level DOGE would need to break to aim for $0.20. This level could see some selling pressure, but a clear breakout above it would open the door for further gains.

DOGE has firm support at $0.1441, the lower boundary of the Donchian Channel. As long as DOGE remains above this level, the short-term outlook remains bullish. However, should Elon Musk’s influence or election-related trends strengthen, the momentum could potentially drive DOGE above $0.20.

Trumpcoin (MAGA) Price Forecast: Bulls to Hold $3.5 Support in Hopes of Post Election Rally 

Trumpcoin (MAGA) has recently gained significant attention as political speculation intensifies ahead of the U.S. presidential election. MAGA-themed tokens are drawing demand from active memecoin traders and political supporters, with the market anticipating further price upswings, especially is Trump wins the elections.

As the MAGA token retraced below $4 mark on Oct 31, traders are closely watching for signs of another potential breakout. With election sentiment in flux, any significant news alluding to a Trump victory or otherwise, could lead to rapid price movements, creating potential opportunities for traders.

The daily chart for MAGAUSD reveals a consolidation pattern with a moderately bullish bias, reinforced by key technical indicators:

The Parabolic SAR dots are positioned below the current price, indicating an upward trend in the short term. This bullish alignment strengthens the case for a potential move higher if MAGA can hold its position above $3.5.

More so, the MAGA token is trading just below 20-day MA at $4.1 with another resistance at the $5.34 upper band. A breakout beyond both levels could pave the way for MAGA to test higher resistance zones at $6, particularly if another positive sentiment wave emerges around the election.

On the downside, MAGA bull could mount a firm support at $3.5. Failure to hold above $3.5, however, could shift momentum bearish, risking a slide toward lower support zones.

In conclusion, MAGA’s technicals support a cautiously optimistic outlook ahead of the election. Bulls are likely to retain control as long as the price stays above $3.5, setting the stage for a potential rally should post-election sentiment turn favorable to Trump.

POPCAT Price Forecast: DOGE Rally Driving Solana’s Top Meme to New All-time Highs above $2

POPCAT, Solana’s top-peforming meme token, has seen heightened activity as the broader meme coin market gains momentum, partly fueled by Dogecoin’s recent rally.

Historically, meme coins often mirror Dogecoin’s performance, with the social media buzz and investor enthusiasm spilling over into other tokens. This time, POPCAT stands out as one of the beneficiaries, as investors flock to the Solana-based meme token in anticipation of new highs.

Having reached new all-time highs above $1.82 on Oct 27 and Oct 29, technical indicators suggest that POPCAT is primed for further gains.

An analysis of the POPCATUSD chart reveals several bullish signals that hint at an imminent breakout:

Parabolic SAR: The Parabolic SAR dots are forming below the price, indicating a bullish trend. This positioning reinforces a positive outlook, with further upside potential if POPCAT maintains its current trajectory.

At the time of publication on Oct 31, POPCAT is trading just under the upper Bollinger Band, with the band widening—a common signal of incoming volatility. The upper band, currently around $1.72, serves as immediate resistance, and a break above this level could open the path toward uncharted territory for POPCAT.

The primary support level sits around $1.44, providing a strong base for POPCAT to test higher targets. On the upside, if POPCAT manages to break past the $1.72 resistance, traders could see a quick move to potential new highs above $2.

The Bollinger Bands’ widening indicates possible sharp price action, meaning traders should watch for decisive moves beyond these key levels.

In summary, POPCAT’s technical indicators support a bullish scenario, with the meme coin ready to capitalize on the broader meme market rally. As long as the price remains above $1.44, the upward trend remains intact, setting POPCAT on a course for potential all-time highs should investor sentiment remain positive.