Political coins rise 667%

Political tokens such as MAGA rise and fall in line with political events. They are the outperformers in the American election year.

First dogs dominated, then cats, and now it is political Memecoins, also known as PolitiFI, that are excelling in the crypto world.

The market capitalization of political Memecoins increased a total of 667% this year. This is according to a analysis of Coingecko.

By comparison, Dogecoin rose only 73% during the same period.

The biggest winners among Polit-Coins are Trump tokens such as MAGA.
MAGA rose about 1000% since the beginning of the year. It is currently quoted at $3.31 with a market capitalization of $145 million and is almost 81% away from its highest point ever.

MAGA has no direct connection to Trump. He temporarily owned tokens worth several million dollars. This is evident from data from Arkham Intelligence. It seems he has since sold it.

Coingecko analyst Shaun Paul Lee emphasizes that the price of tokens such as MAGA correlates strongly with political events.

For example, when Trump won the Republican presidential election, MAGA rose 80% in one day. After the attack on the ex-president, it was 41%.

In contrast, the Joe Biden token fell nearly 99% after the current president announced his withdrawal from the presidential election.

In other words: Political Memecoins make it possible to speculate on the success and failure of politicians.

The Memecoin sector has experienced several crashes recently. According to Coinmarketcap, the market capitalization is about $40 billion, still only half of its all-time high in February of this year.

The U.S. election is on Nov. 5, 2024.

The position of Kamala Harris vis-à-vis crypto is still uncertain.

Donald Trump has positioned himself as a pro-crypto president. He wants to make the US a "Bitcoin superpower."