With the U.S. presidential election on 5 November drawing near, candidates Donald Trump and Kamala Harris are intensifying their campaigns to secure voter backing.
Trump’s Recent Rally and Technical Challenges
Both candidates held rallies on 1 November in Milwaukee, a key location traditionally favoring the Democratic party.
While Harris looks to strengthen her support base in this influential area, Trump is concentrating on garnering backing from conservative suburbs. Despite winning Wisconsin in 2016, Trump lost the state in 2020.
During the rally, Trump faced technical difficulties with his microphone, leading to visible frustration as he grappled with the audio issues during his speech.
He expressed his anger, stating, “I’m simmering!”
Impact on Trump-related Cryptocurrencies
Although seemingly minor, the cryptocurrency market has witnessed significant fluctuations linked to these political developments.
According to data from CoinGecko, the market capitalization of the Political Finance sector reached $677 million, marking a 4.1% change in the last 24 hours. Several Trump-inspired cryptocurrencies experienced substantial gains:
For instance, MAGA [TRUMP] saw a 15.5% surge, while MAGA Hat [MAGA] spiked by 28.3%. Likewise, Super Trump [STREMP] rose by 34.4%, and TRUMP 47 [47] exhibited an impressive increase of 56% in the same period.
Conversely, not all Trump-themed cryptocurrencies saw upwards movement. Quite a few actually suffered losses:
For instance, Donald Trump [TREMP] experienced a slight decline of 0.8% over the past 24 hours, whereas Pepe Trump [PTRUMP] dropped by 4.8%. More notably, 4TRUMP [4WIN] plummeted by 57%, and BABYTRUMP [BABY TRUMP] depreciated by 9.2%.
Impact on Harris-inspired Cryptocurrencies
On the flip side, cryptocurrencies associated with Vice President Kamala Harris have been experiencing downward trends:
Kamala Horris [KAMA] declined by 11.5%, and Kumala Herris [MAWA] lost 15.5% of its value during the same timeframe.
What Predictions Markets Suggest
Prediction markets like Polymarket and Kalshi indicate that Trump might be gaining an advantage over Harris.
Recent analysis by Jim Bianco of Bianco Research suggests that platforms such as Polymarket, Kalshi, and PredictIt are projecting Trump with a probability of over 60% to win.