The crypto market became more active on Election Day. Bitcoin (BTC) prices officially hit a new all-time high amid investor anticipation of Donald Trump becoming the new US president. Notably, political-themed meme coin prices surged.
The market capitalization and trading volume of political meme coins showed significant increases on Election Day.
Donald Trump-Themed Meme Coins Outperform
CoinMarketCap data shows the market capitalization of political meme coins surpassed $640 million, increasing nearly 17% in a day. Additionally, the 24-hour trading volume of these meme coins exceeded $400 million, up by 87%.
However, not all political meme coins saw gains. While meme coins related to Trump saw strong price increases, those related to Harris experienced widespread declines. This reflects traders’ expectations of a Trump victory.
The top 5 political meme coins by market capitalization all recorded gains in the past 24 hours, most of which are related to Trump. Conversely, the political meme coins with the sharpest declines in the past 24 hours are related to Harris.
Read more: 11 Top Solana Meme Coins to Watch in November 2024
Notably, MAGA (TRUMP) recorded a daily volume exceeding $40 million, the highest since July 20. The price of TRUMP experienced significant volatility, rising from $3 to over $4.7, an increase of 55%. However, as of this writing, it is trading at $3.63.
Meanwhile, Kamala Horris (KAMA) dropped 70% today, from $0.015 to $0.0045.
Additionally, the number of newly created tokens on election day showed a slight increase. Pump.fun reported over 26,000 new tokens created in the past 24 hours, the highest level since the beginning of the month. Among these, there is a significant number of political meme coins.
X account DogeDesigner commented that meme coins, in general, will remain in the spotlight for the next four years.
“Memes are going to be lit for the next 4 years.” – DogeDesigner declared.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, it is worth mentioning that most political-themed meme coins are spontaneously created, not directly related to the candidates, and have low trading volumes.
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Nhat Hoang
https://beincrypto.com/election-day-donald-trump-meme-coins/
2024-11-06 07:17:13
