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Published on: Aug 28, 2024
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The market cap of PolitiFi tokens has surged 7.5x this year as traders flock to them ahead of the United States presidential election.
Key Takeaways
➔ For those new to the trend, PolitiFi, or Political Finance tokens, are memecoins inspired by political figures.
➔ Most of the largest PolitiFi tokens are related to the Republican nominee Donald Trump.
➔ The 2024 U.S. presidential election is set to be held on 5th November 2024.
The market cap of PolitiFi tokens has surged from barely $80 million in January 2024 to $600 million in late August 2024, as per a recent CoinGecko report.
We must mention that PolitiFi tokens occupy 1.46% of the market share of the memecoin segment. While the market cap of memecoins stood at $41 billion, that of PolitiFi tokens stood at $600 million only.
Nonetheless, the performance of PolitiFi tokens outpaced that of memecoins by a huge margin. While the former grew 7.5x in 2024 so far, the latter only grew only 2x from $20 billion to $41 billion during this period. Though most of the PolitiFi tokens are created for fun, a few support the related candidates in the election.
Related: Kamala Harris Memecoin Soars to All-Time High
Donald Trump, the Republican Party’s presidential nominee in the 2024 U.S. Presidential Election, is dominating PolitiFi market as the largest tokens are related to him:
• MAGA (TRUMP)
• MAGA HAT (MAGA)
• Doland Tremp (TREMP)
• Super Trump (STRUMP)
• MAGA Again (MAGAA)
• Fight to MAGA (FIGHT)
• Dark Maga (DMAGA)
• MAGA: Fight for Trump (TRUMPCOIN)
Kamala Harris, the Democratic Party’s presidential nominee, has only one token among the top eleven PolitiFi tokens, i.e. Kamala Harris (KAMA). However, the top spot is not held by a token related to a politician. Instead, it is inspired by the Constitution of the US.
ConstitutionDAO (PEOPLE) is the native token of the eponymous decentralised autonomous organisation (DAO). The single-purpose DAO was created in 2021 to acquire an original copy of the Constitution. Once it lost the bid to billionaire Kenneth Griffith, the DAO was immediately disbanded. But its native token, PEOPLE, is today the largest PolitiFi coin with a market cap of $337 million.
What is it if not an indication of the U.S. citizenry’s faith in the guiding principles of the world’s oldest democracy?
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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Oct 29, 2024
Crypto
