- Trump-themed tokens like President Trump MAGA ($TRUMPMAGA) and Trump 47 ($TRUMP47) recorded the biggest gains in the past 24 hours, while tokens associated with Harris plunged.
- Peanut the Squirrel ($PNUT) leads among non-political meme coins with a 129.7% 24-hour upside.
- Experts think Trump’s victory will trigger an altcoin rally, particularly benefiting meme coins.
The crypto market turned ever so political as US citizens cast their votes. Degen investors betting big on Trump-themed coins are securing massive profits while tokens associated with Harris sink.
Wisconsin’s ten electoral votes have just tipped the scales and defined America’s fate for the upcoming four years. Whether you’re cracking open champagne or pulling your hair out over Trump’s presidency, it’s likely to benefit altcoins.
Let’s unpack the situation at the meme coin battleground and what Trump’s victory means for the market.
Make Crypto Great Again?
The meme coin market has always been wild, but PolitiFi tokens brought it to a whole new level of recklessness.
Among thousands of shitcoins supporting (or mocking?) US politicians, Trump, and Harris-themed tokens attracted the most interest.
The performance of tokens like $TRUMP, $BODEN, and $KAMA may not reflect the full picture of the US political landscape, but it certainly reflects the crypto community’s sentiment.
As the ‘crypto president’ rushes to declare his victory, Trump-associated tokens explode:
Trump’s recent proposal to appoint Elon Musk as head of the government efficiency commission also boosted tokens like $DOGE (+400.67%) and $ELON (+40.32%).
Meanwhile, Harris-themed coins take a hit:
Weekly price patterns reveal that self-proclaimed degen investors have been hoping for Trump’s victory long before the voting began.
A Win-Win Situation for Meme Coins
While the election outcome is unfortunate for Harris supporters, crypto analyst Miles Deutscher believes it will benefit the altcoin market.
$BTC has hit a new all-time high, but meme coins are recording bigger upsides:
Today’s top performer is $PNUT, a meme coin paying homage to a pet squirrel euthanized by New York authorities. Since New York is a Democrat-run state, the case caused a backlash among Republicans calling to avenge Peanut’s death at the ballot box.
Deutscher predicted that Trump’s victory would give a more pronounced boost to altcoins due to his pro-crypto stance. In turn, Harris’ presidency would bring harsher regulations for utility tokens, causing investors to seek refuge in speculative assets like meme coins.
Different scenarios, same effect: altcoins are bound to surge after the election. While $BTC market dominance reached 60.5%, the tables may turn very soon.
FOMO Alert: Don’t Lose Your Cool
No matter who’s your president of choice, the appeal of investing in a Trump-themed token to hit the jackpot is strong. If you do so, choose established meme coins over new projects.
More than 1K political tokens were launched on Solana in the past 24 hours. Unfortunately, tokens rolled out in line with trending events often turn out to be scams.
We remind you to DYOR and not fall for FOMO. Ride the wave, but don’t let greed sink you.
References
- Top Political Memes Tokens by Market Capitalization (CoinMarketCap)
- Live election updates: Donald Trump wins US presidency (AP News)
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Lora is a writer based in Ireland. Her background in finance and interest in technology helps her present complex concepts in an intelligible and fun way, which is especially useful when it comes to the world of cryptocurrency and blockchain technology.
Starting as an agency writer, she soon branched out to freelance and later launched a family-run digital marketing agency.
In her spare time, Lora attends dance classes or immerses in reading, preferring technology news or postmodern literature.
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