Trump-Themed Meme Coins Surge Ahead of US Election, Posting Over 120% Gains

Trump-Themed Meme Coins Surge Ahead of US Election, Posting Over 120% Gains

Political meme tokens centered on former US President Donald Trump have experienced a dramatic rally, with some tokens showing gains exceeding 120% in the past 24 hours. Tokens like MAGA Hat, MAGA (TRUMP), Doland Tremp, Super Trump (STRUMP), and TrumpCoin surged, propelling the total market cap of PolitFi coins up by 5.4%, reaching a valuation of over $685 million.

Among non-Trump tokens, Kamabla (KAMABLA), a meme coin inspired by Vice President Kamala Harris, recorded a 32.7% increase, with an intra-day high of $0.00078 and a low of $0.00049. This rally underscores the market’s fascination with politically themed cryptocurrencies as election day approaches on November 5, an event widely viewed as pivotal for the future of the U.S. crypto sector.

Despite narrowing odds of a Trump win according to prediction platform Polymarket, where his chances dropped from 66.9% on October 30 to 56% as of today, Trump-themed tokens led the market. In contrast, Harris’s probability of winning rose from 33.5% to 44%, showing a shift in sentiment and possibly reflecting an unpredictable election outcome in light of historical polling inaccuracies.

Earlier on November 3, most Trump tokens saw a temporary downturn following his heated comments during a rally in Milwaukee. However, prices swiftly rebounded, with the DJT token emerging as the top performer, rising 129.1%, followed by Pepe (TRUMP) with a 124.3% gain. Other notable tokens such as MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE), and TREMP posted gains of 58.4%, 46.5%, 36.9%, 28.2%, and 14.3%, respectively.

Trump’s pro-crypto stance, including his proposed creation of a Bitcoin reserve for the U.S. to address the $35 trillion national debt, has bolstered interest in these coins. His vision to make the U.S. the global “crypto capital” has made these tokens especially popular among crypto enthusiasts and political supporters.

The rally in these tokens highlights the event-driven nature of political meme coins, which are anticipated to rise based on election results but could see price corrections once post-election hype subsides. However, if these tokens manage to develop real-world applications or utility, experts speculate they could eventually evolve beyond their meme coin status and establish a more stable position in the broader crypto market.