- Political parody memecoins like MAGA, STRUMP, and Kumala Herris have gained traction amid the U.S. presidential elections
- A Trump or Harris win could potentially impact their themed tokens’ values dramatically
As a seasoned analyst with over two decades of experience in financial markets and technology trends, I have witnessed the rise and fall of countless digital assets, from dot-com stocks to initial coin offerings (ICOs). With a keen eye for emerging trends, I find myself intrigued by the recent surge of political parody memecoins like MAGA, STRUMP, Jeo Budden, and Kumala Herris.
meme-based coins have unexpectedly garnered attention during the U.S. presidential elections, featuring tokens such as MAGA, STRUMP, Jo Budden, and Kamala Harris coins. These virtual tokens are leveraging the election atmosphere, observing an increase in interest due to political happenings.
Despite the impact of election outcomes on the immediate success of specific meme coins, the wider memecoin market continues to show promising prospects for substantial expansion.
Rise of political parody memecoins and their performances
Political satire tokens are becoming a distinctive gauge of voter opinion. As per data from CoinMarketCap, numerous cryptocurrencies themed around Donald Trump have garnered significant attention and activity. At the moment of reporting, the MAGA (TRUMP) memecoin held the highest market value among all election-related tokens.
Over the past week, the value of MAGA associated with Trump increased by 35%, while MAGA itself skyrocketed by an impressive 100%. It’s worth noting that during this same period, Trump maintained a market capitalization exceeding $193 million, and MAGA wasn’t far behind at approximately $111 million.
Instead, it’s worth noting that unlike Vice President Kamala Harris, parody tokens related to her haven’t garnered as much attention. A review of these tokens, such as Kumala Herris (MAWA) and Kamala Horris (KAMA), showed they had market caps under $5 million at the time of reporting. MAWA stood at approximately $4.6 million and KAMA was around $3.3 million within this sector.
Possible trends after elections
Given the current market patterns, a Trump win might lead to an increase in the value of memecoins associated with him, as investors respond to this development. The rise is expected to stem more from emotions rather than long-term investment appeal, and there may be a correction once the initial enthusiasm subsides.
If Vice President Kamala Harris were to win the election, it’s possible that tokens related to her could experience an increase in value. Similar to Trump-themed tokens, such a surge is likely to be temporary, followed by a drop as the election excitement dies down.
Broader memecoin market trends
As a researcher examining the landscape of political tokens, I’ve noticed an ongoing surge of interest in this area. However, it’s interesting to note that the broader memecoin market, which includes these tokens, has consistently moved upward, reaching a staggering market capitalization of around $68.5 billion just recently.
Symbols such as “Goatseus Maximus” (GOATS) have played a significant role in this expansion, experiencing notable increases over the past few days.
Despite political satire tokens making waves, the leading meme coins continue to be unfazed, as no election-themed tokens are presently among the top 20 rankings.
In simpler terms, it appears that although the public’s feelings towards elections might have affected some specific coins, the overall effect of these sentiments on the total value of meme-based cryptocurrencies has been relatively small.
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2024-10-30 11:03