The cryptocurrency market became more active on Election Day. Bitcoin (BTC) prices have officially hit a new all-time high amid investor expectations that Donald Trump will become the new US President. It is noteworthy that prices for political meme coins have increased.
The market capitalization and trading volume of political meme coins increased significantly on Election Day.
Donald Trump meme coins outperform
CoinMarketCap data shows the market capitalization of political meme coins topped $640 million, up nearly 17% on the day. Additionally, the 24-hour trading volume of these meme coins exceeded $400 million, an increase of 87%.
However, not all political meme coins have been profitable. While Trump-related meme coins have seen significant increases in value, Harris-related coins have seen widespread declines. This reflects traders’ expectations of a Trump victory.
The top five political meme coins by market capitalization all saw gains in the last 24 hours, much of it tied to Trump. Conversely, the political meme coins with the sharpest declines over the past 24 hours are associated with Harris.
Read more: 11 Best Solana Meme Coins to Watch in November 2024
Notably, MAGA (TRUMP)’s daily volume exceeded $40 million, the highest since July 20th. The TRUMP price experienced significant volatility, rising from US$3 to over US$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 increased slightly on Election Day. Pump.fun reported more than 26,000 new tokens created in the last 24 hours, the highest level since the beginning of the month. Among them are a significant number of meme coins of a political nature.
The X DogeDesigner account commented that meme coins in general will remain in the spotlight for the next four years.
“Memes will be lit for the next 4 years.” – said DogeDesigner.
Read More: 7 Popular Meme Coins and Altcoins That Will Be Trending in 2024
However, it is worth noting that most political meme coins are created spontaneously, are not directly associated with candidates, and have low trading volumes.
