The crypto market became more active on Election Day. Bitcoin (BTC) prices officially hit a new all-time high as investors anticipated Donald Trump to become the new US president. Notably, prices of politically themed coins have surged.
The market capitalization and trading volume of political coins showed significant increases on Election Day.
Donald Trump-themed coins outperform
Data from CoinMarketCap shows that the market capitalization of political coins has exceeded $640 million, increasing almost 17% in one day. Additionally, the 24-hour trading volume of these meme coins exceeded $400 million, up 87%.
However, not all political coins seen gains. While coins linked to Trump saw large price increases, those linked to Harris saw widespread declines. This reflects traders’ expectations for a Trump victory.
The top 5 political coins by market cap have all posted gains in the past 24 hours, most of which are related to Trump. Conversely, the political coins with the biggest declines over the past 24 hours are tied to Harris.
Learn more: 11 Best Solana Meme Pieces to Watch Out for in November 2024
MAGA (TRUMP) notably recorded daily volume above $40 million, the highest since July 20. volatilitygoing from $3 to over $4.7, an increase of 55%. However, at the time of writing, it is trading at $3.63.
Meanwhile, Kamala Horris (KAMA) fell 70% today from $0.015 to $0.0045.
Additionally, the number of newly created tokens on Election Day increased slightly. Pompe.fun reported more than 26,000 new tokens created in the last 24 hours, the highest level since the beginning of the month. Among these, there are a significant number of political coins.
The X account DogeDesigner commented that meme pieces, in general, will be stay in the spotlight for the next four years.
“Memes are going to be on for the next 4 years.” – DogeDesigner declared.
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
However, it should be mentioned that most political themes coins are created spontaneously, without direct link with the candidates and have low exchange volumes.
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