Three altcoins at the forefront of the crypto league outperformed Bitcoin last week. Thus, they attracted attention with their performance amid a broader altcoin rally amid reduced regulatory uncertainty. Analysts look at the background of these strong rallies.
DOGE, SHIB and ADA attract attention in the altcoin rally!
As you have followed on Kriptokoin.com, after Donald Trump’s election victory, expectations that regulatory uncertainty will decrease have increased. Amid this development, an altcoin rally started alongside Bitcoin. Analysts say Dogecoin, Cardano and Shiba Inu outperformed Bitcoin last week. Dogecoin rose over 80 per cent, Cardano over 85 per cent and Shiba Inu over 50 per cent last week. Bitcoin, the leading cryptocurrency, gained about 20 per cent in the same period.
André Dragosch, Head of European Research at Bitwise, notes that some altcoins appear to be more sensitive to regulatory outlook changes. ‘With Elon Musk likely to head the Department of Government Efficiency in Trump’s new administration, sentiment has increased for tokens like Dogecoin, which Musk has supported in the past,’ Dragosch said. According to Dragosch, the prospect of a lighter regulatory approach will likely boost meme coins like DOGE and SHIB and other altcoins that were previously vulnerable to heavy regulation. In this context, Dragosch says the following about the altcoin rally:
With the new Donald Trump administration, a reduction in regulatory uncertainty is generally expected, which should benefit meme coins and other altcoins subject to tougher regulation.
Prominent tokens and their background
In a report published on Monday, Bitwise Europe analysts noted that nearly 80 per cent of the tokens tracked in the altcoin market outperformed Bitcoin last week. They also note that this is consistent with Ethereum’s recent outperformance against Bitcoin. In addition, according to Coingecko data, some election-themed memecoins, such as Peanut the Squirrel (PNUT) and Department of Government Efficiency (DOGE), have seen notable weekly gains since Trump’s win, up 797% and 301%, respectively.
PNUT is inspired by the controversial euthanasia of a pet squirrel seized by the New York Department of Environmental Conservation. The incident has become a rallying cry for Republicans. Similarly, the Department of Government Efficiency meme coin finds support from Elon Musk. Because the altcoin is based on Musk’s potential participation in a possible new initiative under the Trump administration. It also expresses Elon Musk’s support for improving government efficiency.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
