With the U.S. presidential election only hours away, memecoins inspired by Donald Trump, the Republican party’s candidate, are experiencing significant price surges. These tokens, categorized under Political Finance (PoliFi) cryptocurrencies, have rallied between 100% and 120%. The overall market capitalization of PoliFi tokens has seen an increase of 4.9%, reaching a valuation of over $682 million.
Memecoins Post Significant Gains
The group of tokens are Trump themed, including MAGA Hat (MAGA), MAGA (TRUMP), Doland Tremp (TREMP), Super Trump (STRUMP), and Trump Coin (DJT) which posted major gains during this period. Gains from as much as 14% to 60% were posted by these tokens. The popular memecoin DJT specifically soared 109% during this press.
Investor interest peaked simultaneously with the campaign’s peak activity, with gains aligning with this increase. The interest in political memecoins has been clamoring since the start of their campaign trails by both presidential candidates. Tokenized support to Trump currently outperforms those supporting Vice President Kamala Harris.
High-Stakes Bets on Trump and Harris Shake Polymarket OddsMarket Interest Rises
Watchers can trace the spike in these tokens back to Donald Trump’s crypto-positive stance. Trump has vowed to build up the US’s $35 trillion national debt liability by investing in a strategic bitcoin reserve. His already strong pro-crypto stance has only been reinforced by this policy direction. In a speech at a Bitcoin conference in Nashville, Trump said the US will become a global leader in cryptocurrency. The nation’s new industry was like the booming steel factories of his youth, he said, and could have huge significance.
Fluctuations Triggered by Rally Remarks
However, Trump-themed memecoins did experience a dip on November 3. This followed remarks made by Trump during a rally in Milwaukee, which raised investor concerns. Despite this setback, most of these tokens quickly rebounded, recovering the losses incurred the previous day. This swift recovery demonstrated resilience among investors and suggested a strong belief in the potential benefits tied to Trump’s crypto-friendly promises.
As election day approaches, political tokens have become popular, proving how campaign events affect market activity. Donald Trump’s reputation as an advocate for cryptocurrency makes PoliFi’s market even more active. What happens next may change the trajectory of crypto policies and market trends.
