As polls open on Election Day, the PolitiFi market experiences heightened activity, particularly with the notable rise of Trump-themed coins. These politically-driven digital assets witnessed a significant 10% increase, with memecoins centered around Trump garnering the most attention.
Trump-centric Coins Dominate
An in-depth analysis by CryptoCrypto discovered that within the Trump-themed category, MAGA (TRUMP) surged by approximately 25%, reaching a market capitalization of $167 million. Moreover, MAGA (MAGA) exhibited even more robust growth, with gains nearing 35%, while Doland Tremp (TREMP) ascended by about 18%.
Notably, this surge was short-lived as many traders swiftly divested, leading to a rapid downturn post-rally.
According to CoinMarketCap, the overall market capitalization of PolitiFi coins saw a 0.78% decline within the past 24 hours. Despite the TRUMP coin managing a modest 0.66% increase, most other leading coins suffered double-digit losses following the sell-off.
Conversely, newly-launched Trump-themed tokens like President Trump MAGA (TRUMPMAGA), introduced on November 1, garnered considerable interest, surging by 989% in the last 24 hours alone.
Furthermore, Trump47 (TRUMP47), Old Trump (TRUMP), and Pepe Trump (PTRUMP) also experienced triple-digit spikes at the current moment, securing a position among the top daily performers in the market.
Performance of Harris-themed Tokens
Tokens inspired by Kamala Harris displayed diverse performances. Kamala Horris (KAMA) initially plummeted by 21% before gradually recovering some of its losses. Yet, it relinquished its position as the leading Harris-themed token.
On the other hand, Kumala Herris (MAWA) faced a 6.5% decline but bounced back to register an 8% increase, surpassing KAMA. Meanwhile, Krypto Harris (HARRIS) outperformed its counterparts with a remarkable 98% surge, indicating a more selective enthusiasm for Harris-themed tokens.
Future Outlook for PolitiFi Tokens After the Elections
Despite their erratic price fluctuations, satirical political tokens have proven to be an innovative method of gauging election-related sentiments among cryptocurrency traders.
Given the market’s heightened sensitivity to political events, a victory for Trump could potentially trigger a rally for associated tokens, mirroring a similar scenario for Harris-themed tokens if the Vice President secures the presidency.
Whether these tokens can sustain their momentum post-elections or fade amidst the volatile crypto landscape remains uncertain. Nonetheless, the fusion of politics and cryptocurrency continues to propel dynamic and unpredictable market movements, reflecting the nation’s fervent electoral decision-making process.