Memecoins inspired by Donald Trump, the flagbearer of the Republican party, are currently surging to new heights as the election day closes in.
These memecoins which fall under the PoliFi category of crypto tokens are currently rallying by 100% to 120% as the US presidential election is just a matter of hours away.
Trump memecoins like MAGA Hat, MAGA (TRUMP), Doland Tremp, Super Trump (STRUMP), and Trump Coin all posted significant gains with the overall market capitalization of PoliFi tokens rising by 5.4% and hitting over $685 million in valuation.
Political memecoins gained hype since the kickoff of the campaign trail of both Presidential aspirants. Donald Trump-inspired tokens are doing slightly better than Kamala Harris tokens at the moment. The US election is a significant event with its results expected to shape the crypto industry in the future.
On Nov 3, Trump-themed memecoins dropped in price value following risky remarks made by Donald Trump during his Milwaukee rally. However, the majority of the tokens have regained since then and recovered the past day’s loss.
The price action of Trump themed tokens suggest that investors are largely biased towards Trump winning the November 5 elections and this data also reflects on Polymarket.
Trump-themed memecoins like DJT were up 129.1%, making it the topmost earner while Pepe (TRUMP) saw gains of over 124.3% over the past day.
Other popular meme coins MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE), and TREMP posted gains of 58.4%, 46.5%, 36.9%, 28.2%, and 14.3% respectively.
Donald Trump is largely perceived as the crypto candidate and has pledged in his campaign rally to open up a strategic bitcoin reserve that will be used to Mitigate the United States’ $35 trillion US debt.
In his speech at the Bitcoin conference in Nashville, Donald Trump promised to make the United States the world leader in Cryptocurrency while admiring the new industry likening it to the steel factory when he was growing up.
PoliFi tokens are largely driven by Hype around the candidate they are themed after. When there is a surge in momentum and a candidate gains an upper hand in winning an election, the PoliFi tokens associated with the candidate tend to surge in price. The reverse is the case when the hype cools down.
What to Know
- PoliFi tokens are also called event tokens due to their temporary nature and how often they go out of cycle at the end of an election season.
- Most PoliFi tokens are meme coins and do not have any real-world utility, however, experts believe that some PoliFi tokens can become a real force in the crypto world if they develop some real-world utility and shed their memecoin status.
