Just hours to Tuesday’s United States election, Memecoins inspired by the Republican Party presidential candidate, Donald Trump, have surged by almost over a 100 per cent.
Political memecoins gained hype since the kickoff of the campaign trail of both Donald Trump and Democratic candidate, Kamala Harris.
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.
The meme coins, which, fall under the PoliFi category of crypto tokens, are currently rallying by a hundred per cent to one hundred and twenty per cent as the presidential election closes in.
Trump meme coins 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.
On November 3, Trump-themed memecoins dropped in price value following risky remarks made by the former US President 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 suggests that investors are largely biased towards Trump winning the November 5 US election, 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’ $35trillion debt profile.
Donald Trump, in his speech at the Bitcoin conference in Nashville ahead of the US election, 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.
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