As the United States approaches its pivotal elections, Trump-themed cryptocurrencies have experienced remarkable gains, with some tokens increasing by over 120% within the last 24 hours. The overall market cap of these politically themed tokens, known as PolitFi, has risen by 5.4%, now exceeding $685 million.
Key players in this surge include MAGA Hat (MAGA), which has soared by 40.66%, and Doland Tremp (TREMP), up by 5.41%. Other meme coins associated with former President Donald Trump, such as Super Trump (STRUMP) and TrumpCoin, have also seen significant price increases. In contrast, Kamabla (KAMABLA), a meme coin themed around Vice President Kamala Harris, has managed to stand out by gaining 32.7% over the past day, fluctuating between $0.00078 and $0.00049.
The growing interest in political meme coins coincides with the upcoming Presidential election set for November 5, generating excitement among investors. While Trump-themed tokens have led the charge, their performance comes despite a decline in the former President’s odds of winning, according to prediction platform Polymarket. Data shows Trump’s chances dropping from 66.9% on October 30 to 56% as of the latest update, while Harris’s chances rose from 33.5% to 44%. This shift reflects a growing market sentiment that favors unpredictability in electoral outcomes, given the historical inaccuracies of polling data in previous elections.
Earlier on November 3, many Trump-themed meme coins faced a setback following controversial remarks made by Trump during a rally in Milwaukee. However, most of these tokens have since rebounded, recovering from the losses incurred during that period. The recent price movements suggest that investors maintain a favorable bias toward Trump’s prospects for re-election.
Among the standout performers, DJT led the rally with a staggering increase of 129.1%, while Pepe (TRUMP) surged by over 124.3%. Other notable gains include MAGA at 58.4%, TRUMPCOIN at 46.5%, STRUMP at 36.9%, MAGA Pepe (MAPE) at 28.2%, and TREMP at 14.3%.
Trump has positioned himself as a pro-crypto figure in recent years, advocating for a Bitcoin reserve for the United States to help manage the national debt, currently estimated at $35 trillion. His vision includes establishing the U.S. as the “crypto capital of the planet.”
The price rallies of these cryptocurrencies are largely driven by the electoral hype and other political events, leading traders to label them as “event coins.” While tokens related to each candidate are likely to see price increases based on election outcomes, experts warn that a decline may follow as the initial excitement subsides. However, some analysts believe that if these tokens can develop practical use cases, they may evolve beyond their meme coin status and establish a more stable presence in the market.
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