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According to the Binance research department report, meme coins demonstrated a 22% increase ahead of the US elections, which was linked to rumors of a potential positive impact on the cryptocurrency market from one of the candidates' victories. The study also states that the recent price increase is more likely the result of speculative activity, as meme coins do not possess significant fundamental value. For example, Dogecoin, the first meme coin, reached a record of $0.0474 on October 26, which is 222% higher than the September level when its price was $0.016. Binance also noticed an increase in searches for 'bullish meme coins' as investors seek the next major opportunity in the market.