Political meme coins are making moves as the U.S. prepares to go to the polls on Tuesday, with the PolitiFi category up by 7% over the past day, according to CoinGecko.
One day out from the U.S. presidential election, Trump-themed meme coins are up by double-digits over the past 24 hours, while those linked to his rival, Vice President Kamala Harris, are down.
Market leader Maga (TRUMP) has leaped 25.4% to a market cap of $167 million over the past 24 hours, while Maga Hat (MAGA) is up 35.5% and Doland Tremp (TREMP) has climbed 18.3%. By comparison, the largest Kamala Harris meme coin (KAMA) has tanked 21%, while Kumala Herris (MAWA) is down 6.5%.
Where Do Kamala Harris and Donald Trump Stand on Crypto?
Neary 65 million Americans have already cast their votes ahead of next week’s election—and the race between the two candidates is tightening up. Cryptocurrency has been a significant issue in the presidential race, with former president and Republican nominee Donald Trump pivoting from a skeptic to a self-proclaimed crypto candidate, while current Vice President Kamala Harris—who took over for President Joe Biden as the Democrats' pick in July—has signaled an intent to break from the anti-crypto...
However, the daily price movement doesn’t appear to reflect broader underlying trends, with KAMA up almost 60% in the past week, while TRUMP, MAGA and TREMP have both slipped by double digits.
The weekend saw the publication of a shock poll out of Iowa from veteran pollster Ann Selzer, which favored Harris over Trump by three percentage points. In the wake of the poll, Trump’s odds among bettors on prediction market Polymarket sharply declined, with 59.1% of bettors now favoring Trump to win the election.
Bitcoin Slips as Trump's Odds Plummet, Pushing Crypto Liquidations Above $315M
Momentum for Bitcoin is beginning to cool following a white-hot week for the asset, beginning October 28, where it traded $175 shy of its all-time high. Bitcoin dipped as low as $67,569 on Sunday, its lowest point in a week, data from CoinGecko shows. Its latest slip comes as self-proclaimed crypto candidate, former President Donald Trump, faces fresh warning signs ahead of Election Day on November 5. Bitcoin is down by nearly 2% on the day but remains up by about 1% over the past seven days to...
Meme coins and elections
It’s worth noting that it's likely that meme coins tied to the loser of tomorrow’s election will see a significant drop in value. For example, when Tim Walz was announced as Harris’ VP pick in August, a token related to Pennsylvania Governor Josh Shapiro, a contender for the position, tanked 94% in the half hour following the announcement.
Outside of the biggest political meme coins by market cap, TrumpCoin (DJT), the Barron Trump-linked meme coin that plunged by 92% in August, has oddly climbed 94.8% on the day and 185% over the week.
DJT launched in June followed by a flurry of claims that it was Donald Trump’s official meme coin. It was eventually revealed that Martin Shkreli created the token, claiming that the former president’s son Barron Trump created DJT with him. While the matter was furiously debated online, the token dramatically crashed in August as one wallet sold 20% of the total token supply in one transaction.
Trump Crypto Project World Liberty Plans to Issue Stablecoin, Sources Say
Donald Trump’s controversial crypto project, World Liberty Financial—which recently raised $14 million in an initial token sale—has plans to create and issue its own stablecoin, sources familiar with the matter told Decrypt. The stablecoin, a type of cryptocurrency designed to hold a steady value that is often pegged to the U.S. dollar, is still in development and could take some time to launch. The World Liberty team is still determining how to make the financial product safe before bringing i...
Enter PNUT
The political meme coin space has also seen the arrival of a surprise new entrant, after a beloved pet squirrel, Peanut, was euthanized by New York state authorities. The incident was swiftly politicized, causing a Solana meme coin, PNUT, to skyrocket over the weekend. On Sunday night, Trump’s vice presidential pick, JD Vance, claimed that the Republican contender is “fired up” about the story.
Meanwhile, another animal is making headlines, as viral baby pygmy hippo Moo Deng predicted that Donald Trump will win the U.S. Presidential Election. This came as the Khao Kheow Open Zoo presented Moo Deng with Harris and Trump inscribed fruit—with the baby hippo picking Trump’s name to munch on.
In turn, Solana meme coin MOODENG is up 6.5% on the day, although it remains down by 27.5% over the week.
