With the U.S. presidential election drawing closer, the competition between candidates Donald Trump and Kamala Harris is heating up. Current trends on Polymarket indicate a likelihood of Trump winning the 2024 election, but the outcome remains uncertain at this stage.
Resilient Performance of PoliFi Tokens
Political Finance (PoliFi) tokens related to Donald Trump have recently shown remarkable resilience, bucking the low volatility seen in Bitcoin and the wider cryptocurrency market. This surge in interest reflects a growing optimism around Trump’s electoral chances, reaching a two-month high on Polymarket.
On October 10th, Bitcoin experienced a 4% decline, only to rebound the next day and stabilize above $60,000. Some attribute this downturn to increased inflation pressure in September, with major cryptocurrencies like Ethereum and Dogecoin also witnessing significant declines of up to 6%.
Upward Trajectory of Trump-Themed Memecoins
Conversely, memecoins linked to Trump, such as MAGA [TRUMP], MAGA HAT [MAGA], and Doland Tremp [TREMP], have seen substantial growth, each registering double-digit surges this week.
Notably, MAGA, the largest of these tokens, soared by 55% over the week, surpassing a $200 million market cap. MAGA HAT and TREMP also recorded impressive gains of 102% and 93% respectively.
By October 11th, the broader cryptocurrency market showed signs of recovery, with Bitcoin gaining 0.30%, while Ethereum and Dogecoin rose by 1.24% and 2.07% on the 24-hour charts, according to CoinMarketCap.
According to the latest data from CoinGecko, the total market cap for PolitiFi tokens surged to $819 million following a 14.2% increase in just a day.
Within 24 hours, TRUMP rose by 14.3%, TREMP by 15.5%, and MAGA by 19.7%, emerging as the top trending assets among PolitiFi coins by market cap.
KAMA Update
On the other hand, Kamala Harris-themed memecoin, Kamala Horris [KAMA], saw a 10.4% hike in a day, albeit lagging behind the dominance of nine Trump-related memecoins in the market.
Polymarket indicators suggest Trump’s significant lead over Harris in popularity and support, reflecting the ongoing momentum behind Trump-themed assets as the election approaches.
Insights and Speculations
Nevertheless, there are differing opinions on Polymarket’s predictions. Some argue that the platform, owned by Peter Thiel who also owns J.D. Vance, may be biased towards Trump-related outcomes.
As such, while current trends point towards Trump’s lead, the final result remains uncertain until November 5th.