With the U.S. presidential election drawing closer, the competition between candidates Donald Trump and Kamala Harris is intensifying. Current trends on Polymarket indicate a strong possibility of Trump winning the 2024 elections, although the race is still too close to definitively predict.
Rise in Trump-Themed Tokens
Political Finance (PoliFi) tokens inspired by Donald Trump have displayed strong resilience recently. Despite the low volatility seen in Bitcoin (BTC) and the wider cryptocurrency market, these Trump-themed tokens have seen a surge in interest. This surge reflects the increasing optimism surrounding Trump’s chances in the upcoming elections, pushing the values to a two-month high on Polymarket.
On October 10, BTC experienced a drop of more than 4%, but it managed to bounce back the following day and stabilize above $60,000.
Several analysts attribute this downturn to rising inflation pressures in September. Major cryptocurrencies like Ethereum (ETH) and Dogecoin (DOGE) also saw significant declines, dropping by up to 6%.
Trump-Inspired Memecoins Soaring
Contrary to the general market trend, Trump-themed tokens such as MAGA, MAGA HAT, and Doland Tremp have witnessed remarkable growth this week, with each token soaring by double digits.
The largest among them, MAGA, surged by 55% over the week, surpassing a market cap of $200 million. MAGA HAT and TREMP also recorded notable gains of 102% and 93% respectively.
By October 11, the cryptocurrency market at large displayed signs of recovery, with BTC, ETH, and DOGE seeing positive movements on the 24-hour charts according to CoinMarketCap.
According to CoinGecko, the total market cap for PolitiFi tokens reached $819 million after a rapid 24-hour surge of 14.2%. TRUMP, TREMP, and MAGA led the charge, spiking by 14.3%, 15.5%, and 19.7% respectively within the same timeframe.
These three tokens emerged as the top assets in the PolitiFi market by market capitalization according to CoinGecko, signaling their significant influence on the market.
KAMA Update
On the flip side, the Kamala Harris-themed memecoin, Kamala Horris (KAMA), also saw a double-digit increase of 10.4% within a day. However, it lagged behind, ranking 10th among the top coins, overshadowed by nine Trump-related memecoins dominating the space.
Interestingly, this dominance of Trump-related assets over those inspired by Harris reflects a broader trend evident on both memecoins and prediction markets like Polymarket.
Polymarket’s Insight
Polymarket’s prediction market underscores the prevailing momentum behind Trump-themed assets as the election race heats up.
A Twitter user echoed a similar sentiment, emphasizing the growing traction of Trump-related tokens, while others raised concerns about the reliability of such predictions due to potential biases.
While current indicators lean towards a Trump lead, the final outcome remains uncertain until November 5.