Trump crypto surges 35% on election day, then drops
– Trump-related cryptocurrencies saw a sharp rise on election day.
– MAGA (TRUMP) and similar tokens surged by up to 35% before many traders took profits.
– Harris-related tokens showed mixed results, with some posting losses while others rebounded.
– Political cryptocurrencies reflect voter sentiment but remain volatile.
Trump Tokens Dominate Election Day
On election day, Trump-related cryptocurrencies experienced a significant surge. The so-called “PolitiFi” market movement, which focuses on political topics and candidates, saw a remarkable rise in tokens supporting former U.S. President Donald Trump. Notably, there was a 10% increase in these politically inspired cryptocurrencies.
The MAGA (TRUMP) token rose by around 25%, reaching a market cap of USD 167 million. Another Trump token, MAGA (MAGA), even saw a 35% increase. Doland Tremp (TREMP) followed with a gain of about 18%. However, these gains were short-lived as many traders quickly took profits, leading to a rapid decline in prices.
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Decline After Initial Surge
Despite the initial hype, the total market capitalization of PolitiFi tokens dropped by 0.78% over the past 24 hours. While the TRUMP token still managed to post a slight gain of 0.66%, most other leading tokens saw double-digit losses after the sell-off.
Interestingly, newly launched Trump tokens like the President Trump MAGA (TRUMPMAGA), which debuted on November 1, 2024, garnered significant attention. This token surged by a remarkable 989% in the last 24 hours. Other Trump-related tokens such as Trump47 (TRUMP47), Old Trump (TRUMP), and Pepe Trump (PTRUMP) also posted triple-digit gains.
Harris Tokens: Mixed Results
In contrast to the Trump tokens, Harris-related cryptocurrencies showed mixed results. Kamala Horris (KAMA) initially dropped by 21% before partially recovering at the time of reporting. However, KAMA lost its status as the leading Harris token.
Another token, Kumala Herris (MAWA), initially fell by 6.5% but managed to rebound and posted an 8% gain. The crypto Harris (HARRIS) token outperformed its peers with a 98% increase, indicating that interest in Harris-related tokens is more selective.
The Future of PolitiFi Tokens After the Elections
Political cryptocurrencies, especially those based on memes and parodies, have emerged as interesting indicators of voter sentiment. However, the volatility of these tokens is high, as they are heavily influenced by political developments. If Trump wins the election, it could lead to another surge in Trump-related tokens. The same applies to Harris-related tokens if the Vice President takes the Oval Office.
Whether these tokens will maintain their momentum after the elections or fade in the volatile world of cryptocurrencies remains to be seen. What is clear is that the connection between politics and cryptocurrencies continues to drive unpredictable market movements.
Our Assessment
PolitiFi tokens offer an exciting way to gauge sentiment during election years. However, they are extremely volatile and heavily influenced by short-term political events. Those investing in these tokens should be aware of the risks and be prepared for sudden market movements. The short-term hype around Trump and Harris tokens shows how quickly dynamics can shift. In the long term, it remains to be seen whether these tokens will remain relevant beyond the elections.
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