Cryptocurrencies linked to Trump surge by more than 100 before election day
Ahead of the upcoming United States election, Trump-themed PolitFi tokens experienced a surge in value, with some tokens showing gains of over 120% in the last 24 hours.
Notable tokens such as MAGA Hat (MAGA), MAGA (TRUMP), Doland Tremp (TREMP), Super Trump (STRUMP), and TrumpCoin (DJT), along with other meme coins inspired by former U.S. president Donald Trump, saw significant increases in value. This led to a 5.4% rise in the overall market cap of PolitFi coins, reaching a total valuation of over $685 million.
In contrast, Kamabla (KAMABLA), the meme coin dedicated to Vice President Kamala Harris, was the only token related to her that saw a positive performance. KAMABLA surged by 32.7% in the past day, reaching an intra-day high and low of $0.00078 and $0.00049, respectively.
The excitement around these political meme coins escalated as the Presidential elections drew closer, scheduled for Nov. 5. This event is expected to have a significant impact on the future of the cryptocurrency sector in the U.S. and globally.
Despite diminishing odds of the former President winning according to various prediction platforms, Trump tokens remained popular among investors. Data from Polymarket indicated a decrease in Trump’s chances of winning from 66.9% on Oct. 30 to 56% at the time of writing. On the other hand, Harris’s chances rose from 33.5% to 44%, reflecting a change in market sentiment as investors anticipated an unpredictable outcome based on historical polling inaccuracies.
Following some controversial statements made by Trump during a rally in Milwaukee on Nov. 3, most Trump-themed meme coins initially faced a decline. However, many of these tokens have since recovered from their losses.
Despite the fluctuations, investors still seem to favor Trump’s potential return to the White House. DJT emerged as the top gainer with a 129.1% increase, while Pepe (TRUMP) saw gains of 124.3% in the last day. Other popular meme coins like MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE), and TREMP also saw gains ranging from 14.3% to 58.4%.
Donald Trump has been recognized as a crypto-friendly president in recent years, with plans to establish a Bitcoin reserve for the U.S. to address the country’s $35 trillion debt and make the U.S. the ‘crypto capital of the planet.’
The price rallies of these cryptocurrencies are largely driven by the anticipation surrounding elections and political events, leading to their classification as ‘event coins.’ While these tokens may experience surges based on election results, they are expected to stabilize once the initial excitement subsides.
Experts suggest that if these tokens can provide tangible utility, they may transition away from being considered meme coins and establish a more stable position in the market.
