Crypto Frenzy Pushes Solana, Dogecoin, ADA Upward
The recent U.S. presidential election victory by Donald Trump sparked a wave of interest in the crypto market, with major tokens like Cardano ($ADA), Dogecoin ($DOGE), and Solana ($SOL) posting sharp gains.
What’s the significance: The boost in crypto values presents traders with an opportunity to profit from rising prices and increased market confidence.
The Big Picture: The outcome of the U.S. election, with Donald Trump’s return to office and the possibility of favorable regulations under his administration, along with Federal Reserve rate cuts, are fueling renewed momentum in digital assets.
Key details: According to recent reports from CoinDesk:
- Cardano: $ADA jumped 33% in 24 hours and 77% over the past week.
- This rally follows Charles Hoskinson’s announcement that Cardano’s development company, Input Output, will open a U.S. office to engage in crypto policy discussions under the new administration.
- Charles Hoskinson, Founder of Cardano said:
“I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate with other key leaders in the industry with the crypto policy.”
- Dogecoin: $DOGE surged 62% this week, with price patterns similar to its 2020 bull run.
- Solana: $SOL’s price broke through $210, pushing its market cap over $100 billion.
- Analysts believe the ongoing DeFi activity and the resurgence of the Solana network position it for significant gains.
- Predictions suggest SOL may reach its previous all-time high in the coming weeks, and some foresee even higher growth in 2025.
The numbers: Current Value (as of November 11, 2024, 11:30 am, data from CoinGecko):
| Crypto | Value | 24hr | 7d |
| Cardano (ADA) | $0.5929 (₱34.70) | +11.5% | +76.5 |
| Dogecoin (DOGE) | $0.2891 (₱16.93) | +28.1% | +89.7% |
| Solana (SOL) | $209.10 (₱12,242.51) | +3.1% | +28% |
Other Coins that Rallied: Cryptocurrencies previously targeted by the SEC, such as Uniswap and Polygon, also rallied as investors anticipate a potential regulatory rollback and the removal of SEC Chair Gary Gensler, which could ease crypto regulations and open new opportunities for the market.
Key quote:
“We officially just started the next phase of the bull market.”
Bob Loukas, Cross-Asset Trader
Between the lines: The rally is not solely driven by Trump’s win but is also heavily influenced by the broader crypto policy discussions and the expectation of more favorable regulatory environments
However: While the crypto market is surging, its volatility means traders should still be cautious as prices can fluctuate rapidly and the momentum may not last.
What to watch: Watch for the Federal Reserve’s next interest rate decisions and any policy updates from the Trump administration that may impact crypto, as well as market responses to Cardano’s new U.S. office and Dogecoin’s price momentum.
Worth reading: On November 10, Bitcoin surged past $80,000, marking a historic peak as the market saw increased retail and institutional interest, driven by strong spot demand and a significant reduction in bearish positions, while analysts remain cautious about sustaining momentum.
This article is published on BitPinas: Crypto Frenzy Pushes Solana, Dogecoin, ADA Upward
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