- Trump-themed tokens surged amid optimism about his 2024 election prospects
- Bitcoin and major cryptocurrencies faced volatility due to regulatory concerns and inflation pressures
As a seasoned crypto investor with a knack for spotting trends and making informed decisions, I find myself intrigued by this unique development in the world of digital currencies. The surge in Trump-themed tokens, particularly PoliFi tokens like MAGA, MAGA HAT, and TREMP, is a fascinating phenomenon that defies the traditional volatility we see in Bitcoin [BTC] and other major cryptocurrencies.
With the United States presidential election quickly approaching, the race between Donald Trump and Kamala Harris is becoming increasingly intense. At present, predictions on Polymarket lean towards Trump’s victory in the 2024 election. Nonetheless, it’s important to remember that the election outcome remains uncertain as we still have some time left before the final decision is made.
PoliFi tokens show resilience
Recently, Political Finance (PoliFi) tokens themed around Donald Trump have demonstrated robustness. Despite the low fluctuations that Bitcoin [BTC] and the wider cryptocurrency market have been experiencing, these tokens have bucked the trend. This increase in popularity could indicate growing enthusiasm for Trump’s election chances, which reached a two-month peak on Polymarket.
On 10 October, BTC slid by over 4%. The following day, it rebounded and stabilized above $60,000.
It’s widely believed that the increase in inflationary pressures during September may have played a role in causing this economic downturn. Notably, popular cryptocurrencies like Ethereum [ETH] and Dogecoin [DOGE] experienced significant drops, with declines of up to 6%.
Trump-themed memecoins soars high
Instead of a decline, tokens associated with Trump such as MAGA [TRUMP], MAGA HAT [MAGA], and Doland Tremp [TREMP] displayed impressive strength, experiencing increases of more than ten percent this week.
Significantly, the biggest token among these, known as MAGA, saw a substantial increase of 55% over the course of a week, exceeding a market capitalization of $200 million. Additionally, MAGA HAT and TREMP also experienced notable growth, with MAGA HAT climbing by 102% and TREMP rising by 93%, respectively.
By October 11th, there were indications that the overall cryptocurrency market was beginning to rebound, as reported by CoinMarketCap. At the current moment, Bitcoin increased by 0.30%, Ethereum rose by 1.24%, and Dogecoin surged by 2.07% over the past 24 hours on their respective charts.
Based on the most recent information from CoinGecko, the total value of PolitiFi tokens reached an impressive $819 million following a significant 14.2% increase within a single day.
TRUMP surged by 14.3%, TREMP climbed by 15.5%, and MAGA rose by 19.7% within 24 hours.
Over these three specific coins within the most valuable PolitiFi offerings, according to CoinGecko, there has been a noticeable surge in popularity. This rise suggests that they hold considerable influence over the market.
Update on KAMA
In my analysis, I noticed that the meme coin themed around Vice President Kamala Harris, known as KAMA, experienced a significant surge, climbing an impressive 10.4% within a single day.
Despite trying to catch up, it ended up in the tenth spot. Nine memecoins related to Trump were leading the market and casting a shadow over it.
It’s worth noting that this trend wasn’t confined only to meme-based coins; data from Polymarket suggests that Trump is faring much better than Harris in terms of popularity and potential backing.
Polymarket’s trend
The prediction market underscored this difference, demonstrating the sustained energy driving Trump-related investments as the presidential campaign gains steam.
Echoing a similar sentiment was an X (formerly Twitter) user who said,
On the contrary, not all people hold this view. A user named classicsgroyp on X made a salient observation. They expressed that…
“Polymarket is owned by Peter Thiel who owns JD Vance btw.”
As an analyst, I’d like to highlight a point brought forth in the post regarding potential uncertainties with Polymarket’s predictions. It appears that these predictions can sometimes be swayed by external factors, particularly Donald Trump and his vice-presidential candidate, J.D. Vance.
Consequently, though it appears Trump is ahead as per present tendencies, the final result isn’t definitive until November 5th.
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2024-10-12 05:14