PolitiFi Tokens Surge Nearly 10% as US Elections Approach
PolitiFi tokens have experienced a nearly 10% increase in value ahead of the US presidential elections. Trump-themed memecoins are leading this surge, prompting some investors to predict significant rallies for these tokens in the coming days.
Trump-Themed Memecoins See 30% Jump
The PolitiFi sector gained traction after several politician-inspired memecoins demonstrated substantial performance earlier this year. Some tokens surpassed a market capitalization of $100 million, with a few maintaining that status.
Memecoins associated with former President Donald J. Trump have dominated the sector during his campaign, achieving notable rallies peaking in Q2. Cryptocurrencies such as TRUMP and Doland Tremp (TREMP) reached all-time highs of $17 and $1.5, respectively, driven by Trump's pro-crypto statements. However, many of these cryptocurrencies have retraced over 70% since June.
With the elections imminent, the PolitiFi sector has surged approximately 10% in the last 24 hours, while the broader crypto market has seen a 1.5% decline. Trump-themed memecoins continue to perform well, with TRUMP increasing by 26% to trade above $3.8, and MAGA Hat (MAGA) rising by 32.6%, approaching a $90 million market cap.
MAGA's trading volume increased nearly 30%, reaching $41.7 million in the past day.
PolitiFi Tokens In The Hands Of The Election
The sector's rally appears driven by election anticipation. Volatility is forecasted to peak in the coming days as speculation about the election outcome intensifies. Investors expect continued growth for PolitiFi tokens, particularly if Trump wins.
Just hours before the election, Trump’s odds of winning are significantly higher than those of Democratic nominee Kamala Harris. Polymarket's live forecast indicates Trump leads by a 15% margin.
After the presidential debate, Trump lost ground to Harris in early September, but regained a significant lead by October, with a 33% gap in winning odds. By late October, he had a 66% chance of winning, which has now decreased to 57%.
As Trump’s winning odds remain strong, memecoins inspired by Harris have seen declines. Kamala Horris (KAMA), the largest token based on Harris, dropped nearly 25% in the last 24 hours, accompanied by a 34% decline in daily trading activity.
