Trump based cryptocurrencies rally over 100% ahead of election day

by

As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous instances where political events significantly influence the performance of various assets. The current rally in Trump-based PolitFi tokens is no exception.

PolitFi tokens associated with Donald Trump saw a surge in value as the U.S. election approached, with certain ones experiencing increases of up to 120% within the last day.

Coins based on the theme of former U.S. President Donald Trump, such as MAGA Hat, MAGA, Doland Tremp, Super Trump, and TrumpCoin, among others, experienced a surge in value. This boost led to an increase of 5.4% in the total market capitalization of PolitFi coins, reaching a valuation of over $685 million.

Currently, only the meme coin related to Vice President Kamala Harris, called KAMABLA, experienced a positive day, as it increased by 32.7% over the past day. Its highest and lowest points during this period were at $0.00078 and $0.00049 respectively.

With the anticipation surrounding political meme coins at its height due to the upcoming Presidential election on November 5, these tokens began to gain popularity. This election is widely believed to significantly impact the trajectory of the cryptocurrency market not only within the United States but also worldwide.

As a crypto investor, I’ve noticed an interesting trend with Trump tokens. Despite the dwindling odds of President Trump winning, as per various prediction platforms, these tokens are surprisingly taking the lead. According to Polymarket data, Trump’s chances have decreased significantly from 66.9% on October 30 to just 56% at the time of writing this. It’s fascinating to see how market dynamics can sometimes contradict the general consensus.

As the market’s sentiment shifted, Harris’s chances increased from 33.5% to 44%, with investors favoring the possibility of an unforeseeable result due to the unreliability of poll results in previous election years.

Previously, on November 3rd, many cryptocurrencies themed around Donald Trump experienced a drop after some tense comments he made during his Republican campaign rally in Milwaukee. Nevertheless, most of these tokens have bounced back and managed to recoup the previous day’s losses.

Given the latest trends in token prices, it appears that investors are leaning slightly more toward the possibility of Donald Trump’s potential return to the White House.

Yesterday saw significant growth for DJT as it took the lead with a surge of 129.1%. Similarly, Pepe (TRUMP) experienced a considerable increase of over 124.3%. Other well-known meme coins like MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE), and TREMP also reported gains: MAGA rose by 58.4%, TRUMPCOIN climbed by 46.5%, STRUMP grew by 36.9%, MAPE went up by 28.2%, and TREMP saw a gain of 14.3%.

Over the past few years, Trump has been seen as a president who is supportive of cryptocurrencies. He has promised to create a Bitcoin reserve for the United States with the intention of reducing the country’s massive debt, which currently stands at $35 trillion. Additionally, he has stated his desire to make the U.S. the global leader in the use and development of cryptocurrencies.

The significant price fluctuations in these cryptocurrencies are often influenced by the buzz generated by elections and other political occurrences, causing traders to label them as ‘event-driven currencies.’ As a result, tokens associated with each candidate may experience a surge in value depending on the election results. However, it is anticipated that their values will decrease once the initial enthusiasm subsides.

In other words, certain specialists propose that should these digital tokens acquire real-world value, they might transcend their image as meme coins and establish themselves with a more solid position within the financial market.

Read More

2024-11-04 10:26