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Just hours away from the US presidential election, PolitiFi tokens have seen a noticeable boost. The sector has seen a roughly 10% surge in the past 24 hours, with Trump-themed meme coins leading the way. After the recent performance, some investors are anticipating a massive rise for these tokens in the coming days.
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Trump-themed memes see a 30% rise
The PolitiFi sector gained popularity after several meme coins inspired by US politicians recorded tremendous performance earlier this year. The market capitalization of some tokens has exceeded $100 million, and the pair still holds this milestone.
Memecoins inspired by former US President and Republican candidate Donald J. Trump led the sector throughout his presidential campaign. The currencies recorded huge gains this year, reaching their peak during the second quarter.
Cryptocurrencies like MAGA (TRUMP) and Doland Tremp (TREMP) reached $17 and $1.5 respectively, their all-time highs (ATH), supported by Trump’s crypto-friendly statements. However, most of these cryptocurrencies have fallen significantly since June, falling by more than 70% in most cases.
Now just hours after the election, the PolitiFi sector is surging again, rising nearly 10% in the past 24 hours, while the cryptocurrency market is seeing a 1.5% rebound. Memecoins were created after Trump retained the lead, recording a green performance over the past day.
Trump saw a 26% rise over the past 24 hours, trading above the $3.8 range. Meanwhile, MAGA Hat (MAGA) recorded a 32.6% price jump in the same time frame, approaching a market cap of $90 million earlier today.
MAGA’s daily trading activity also increased by nearly 30%, recording a trading volume of $41.7 million in the last day.
PolitiFi tokens in the hands of elections
The sector’s rise appears to be driven by anticipation surrounding the elections. It is worth noting that volatility is expected to reach its peak in the following days as speculation increases about the election results.
Some investors believe the PolitiFi token’s rise will continue in the following days, with Trump-themed memes expected to rise if Trump wins.
Just 10 hours before the election, the odds of the Republican candidate winning are much higher than the odds of the Democratic candidate Kamala Harris winning. Polymarket’s live forecasts show Trump leading the forecast market by 15%.
Following the presidential debate, the former president lost his popularity to the US Vice President in early September. At the time, the Democratic nominee exceeded Trump’s odds of winning by 4%. However, these have seen significant declines in the past month.
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The Republican nominee regained his lead in October, recording a huge 33% gap between his odds of winning and Harris’s. By the end of the month, Trump was at the top of the forecast market with a 66% chance of winning, which has now fallen to 57%.
Amid Trump’s odds of winning, memes inspired by the US Vice President recorded a significant decline in the past day. Kamala Horris (KAMA), the largest Harris-inspired coin, has fallen nearly 25% in the past 24 hours, and has seen a 34% drop in daily trading activity.
Featured image from Unsplash.com, chart from TradingView.com