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After a few hours since the US presidential election, PolitiFi tokens have seen a significant improvement. The sector has seen an almost 10% surge in the past 24 hours, with Trump-themed memecoins leading the way. After the recent performance, some investors are predicting a big rally for these tokens in the coming days.
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Trump-Themed Memecoins See 30% Jump
The PolitiFi sector gained popularity after several memecoins inspired by US politicians registered a big performance earlier this year. Some tokens had a market capitalization break of more than $100 million, and a couple are still holding on.
Memecoins inspired by former US President and Republican candidate Donald J. Trump has led the industry throughout his presidential campaign. Tokens have recorded huge rallies this year, hitting a peak during Q2.
Crypto currencies such as MAGA (TRUMP) and Doland Tremp (TREMP) reached the $17 and $1.5 marks, respectively, as their all-time highs (ATH), fueled by Trump’s crypto-friendly statements. However, most of these cryptocurrencies have retreated significantly since June, retreating more than 70% in many cases.
Now that the election is a few hours away, the PolitiFi sector is on the rise again, up nearly 10% in the last 24 hours, while the crypto market is seeing a 1.5% pullback. Memecoins have a theme after Trump held their lead, registering a green performance in the previous day.
TRUMP has seen a 26% increase in the last 24 hours, trading above the $3.8 range. Meanwhile, MAGA Hat (MAGA) recorded a 32.6% price jump during the same period, approaching a market cap of $90 million earlier today.
MAGA’s daily trading also increased by almost 30 percent, registering a trading volume of $41.7 million on the last day.
PolitiFi Tokens in Electoral Hands
The gathering of this unit seems to be fueled by the anticipation of the election. It is worth noting that volatility is predicted to intensify in the coming days as speculation over the election results.
Some investors believe that the PolitiFi token rally will continue in the following days, with Trump-themed memecoins expected to rise significantly in the event of a Trump victory.
With just 10 hours to go before the election, the Republican candidate’s odds of winning are much higher than the Democratic nominee, Kamala Harris. Polymarket’s live forecast shows Trump leading the prediction market by a 15% gap.
After the presidential debate, the former president lost ground to the Vice President of the United States in early September. Meanwhile, the Democratic nominee surpassed Trump’s odds of winning by 4%. However, these have seen a significant comeback in the past month.
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The Republican candidate regained his lead in October, recording a massive 33% gap between his odds of winning and Harris’. At the end of the month, Trump led the prediction market with a 66% chance of winning, which is now back to 57%.
Amid Trump’s non-win, memecoins inspired by the US VP recorded a major decline in the past day. Kamala Horris (KAMA), the largest Harris-inspired token, has returned almost 25% in the last 24 hours, seeing a 34% drop in daily trading activity.
Featured image from Unsplash.com, Chart from TradingView.com
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