Political Meme Coins Surge as Trump’s Election Victory Sparks Market Frenzy
06.11.2024 12:30 1 min. read Alexander Zdravkov
On election day, the crypto market saw a sharp surge, with Bitcoin (BTC) hitting a new all-time high, fueled by news of Donald Trump's presidential win.
Alongside this, political meme tokens experienced significant price jumps, reflecting heightened market interest in such assets. The market capitalization of political meme coins surpassed $640 million, marking a nearly 17% daily increase.
Trading volume also soared to over $400 million, representing an 87% boost. While Trump-related tokens saw notable gains, those tied to Kamala Harris faced significant losses, indicating market sentiment favoring Trump’s victory.
Notably, the MAGA (TRUMP) token saw a spike in trading volume, surpassing $45 million, with its price jumping 55% before correcting back to $3.037. In contrast, the Kamala Harris meme coin (KAMA) plunged by 70%, dropping to just $0.0045.
Additionally, over 26,000 new tokens were created on election day, many of which were politically themed. Despite the volatility, industry figures predict meme tokens will remain a dominant force in the crypto space for the next few years, though many tokens have low trading volumes and are often created impulsively.
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