The policies based on Trump rose in the lead-up to this year’s United States election, with some reporting gains of more than 120% over the past 24 hours.
MAGA Hat, MAGA (TRUMP) Doland Trump Super Trump (STRUMP), TrumpCoin and a host of other meme-themed coins based on the former U.S. president Donald Trump witnessed significant gains in the market value of the coins increased by 5.4 per cent to more than $685 million the value.
However, Kamabla (KAMABLA) was the only meme coin that was spun in the name of vice president Kamala Harris to see a positive day. KAMABLA increased 32.7 per cent over the last day, with an intraday maximum and a low of $0.00078 and $0.00049, respectively.
The popularity of political meme coins grew because the excitement surrounding these coins grew with the Presidential elections scheduled for November. 5, a date that is expected to determine how the next generation will view the crypto industry across the U.S. and globally.
Trump tokens led the way in spite of the decreasing chances that the ex-president is winning on prediction platforms. Polymarket data indicates that Trump’s odds of winning have decreased from 66.9 per cent as of Oct. 30 to 56% after writing.
However, Harris saw her chances increase from 33.5 per cent to 44%, indicating a shift in market sentiment as investors began to lean toward an unpredictability of the outcome because of the inaccuracy of historical polls from previous election years.
In the early morning of November. 3 the majority of memes with a Trump theme were hit with a decline following the rage-inducing remarks that were made by Trump during the republican candidate’s Milwaukee rally. However, the majority of tokens have since rebounded and have recouped the previous day’s losses.
However, based on the recent price movement of these tokens, it appears investors are a little biased toward Trump’s likelihood of regaining the White House.
DJT gained 129.1 per cent, putting it in the top position for gains, and Pepe (TRUMP) gained more than 124.3 per cent on the last day. Other meme-related coins like MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE) and TREMP have posted gains of 58.4 per cent, 46.5%, 36.9 per cent, 28.2% and 14.3 percentages, respectively.
Trump has been widely considered a crypto-friendly President in recent times. Trump has also pledged to establish the first Bitcoin reserve in the U.S. aimed to curb the staggering $35 trillion U.S. debt over the future. He also made a commitment to make the U.S. ‘crypto capital of the world.
The price movements around these currencies are mostly due to the hype around the election and related political activities. This has led traders to label them “event coins. Coins that are based on the participants are expected to increase in value based on the results of elections, but they are likely to fall back after the initial excitement has subsided.
However, some experts have suggested that should these tokens grow in use, they might eventually be able to shed their status as meme coins and get an even more solid position on the market.
