Trump-themed PolitFi tokens surged leading up to the U.S. election, with some experiencing gains of over 120% in the last 24 hours. Coins like MAGA Hat (MAGA), MAGA (TRUMP), Doland Tremp (TREMP), Super Trump (STRUMP), and TrumpCoin (DJT) all saw significant increases as the total market cap of PolitFi coins rose by 5.4%, reaching a valuation of over $685 million.
On the other hand, Kamabla (KAMABLA), the only meme coin dedicated to Vice President Kamala Harris, had a positive day, with KAMABLA rising by 32.7% in the past day, reaching highs and lows of $0.00078 and $0.00049, respectively.
The excitement around these political meme coins peaked as the Presidential elections approached on Nov. 5, an event that is expected to have a significant impact on the future of the crypto industry in the U.S. and globally.
Despite decreasing odds of a Trump victory according to prediction platforms, Trump tokens continued to lead the way. Data from Polymarket showed a drop in Trump’s chances of winning from 66.9% on Oct. 30 to 56% at the time of writing. Conversely, Harris’s chances increased from 33.5% to 44%, reflecting a shift in market sentiment towards an unpredictable outcome based on past election trends.
Following some controversial remarks made by Trump during a rally in Milwaukee, Trump-themed meme coins faced a temporary decline on Nov. 3. However, most of these tokens have since recovered and offset their losses from the previous day.
Investors seem to still show a slight bias towards Trump’s chances of reelection based on the recent price movements of these tokens. DJT saw the most significant gain at 129.1%, followed by Pepe (TRUMP) with gains of 124.3%. Other popular meme coins like MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE), and TREMP also posted gains ranging from 14.3% to 58.4%.
Trump has been known to be supportive of cryptocurrencies, pledging to launch a Bitcoin reserve for the U.S. to address the national debt and aiming to make the U.S. the ‘crypto capital of the planet.’
The price rallies around these political coins are largely driven by the hype surrounding elections and other political events, leading traders to categorize them as ‘event coins.’ While these tokens may surge based on election outcomes, they are expected to stabilize once the initial excitement subsides.
Experts suggest that if these tokens can prove their utility, they may transition from meme coins to more stable assets in the market.