Trump based cryptocurrencies rally over 100% ahead of election day

Trump-themed political meme tokens have experienced a notable surge ahead of the upcoming U.S. elections, with some coins posting impressive gains of over 120% within just 24 hours. Notable tokens like MAGA Hat (up 28.31%), MAGA (TRUMP), Doland Tremp (up 5.05%), Super Trump (STRUMP), and TrumpCoin have all benefited from this rally, contributing to an overall increase of 5.4% in the market cap of PolitFi coins, which now exceeds $685 million.

In contrast, the only meme coin associated with Vice President Kamala Harris, Kamabla (KAMABLA), also saw a positive day, surging by 32.7%. It fluctuated between an intra-day high of $0.00078 and a low of $0.00049, reflecting some investor interest despite the overall focus on Trump-themed tokens.

The rise in these political meme coins has coincided with heightened excitement as the Presidential elections approach, set for November 5. This event is anticipated to have significant implications for the crypto landscape in the U.S. and globally. Despite a narrowing of Trump’s predicted chances of winning—falling from 66.9% on October 30 to 56%—investors appear to remain optimistic about his prospects. Conversely, Kamala Harris’s chances have increased from 33.5% to 44%, indicating a shift in market sentiment and a recognition of the unpredictability often associated with election outcomes, especially given the historical inaccuracies of polls.

Earlier on November 3, many Trump-themed meme coins saw a brief downturn after some controversial remarks made by Trump at a Republican rally in Milwaukee. However, most tokens have since rebounded, suggesting that investor sentiment remains somewhat biased towards Trump’s chances of returning to the White House.

Leading the charge, DJT recorded a staggering 129.1% increase, while Pepe (TRUMP) saw gains of over 124.3%. Other popular tokens such as MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE), and TREMP posted gains of 58.4%, 46.5%, 36.9%, 28.2%, and 14.3%, respectively. This rally reflects the ongoing enthusiasm surrounding political meme coins and their potential impact on the crypto market in the lead-up to the elections.

Donald Trump has increasingly been viewed as a crypto-friendly president, particularly in recent years. He has made bold pledges to launch a Bitcoin reserve for the U.S. with the goal of addressing the staggering $35 trillion national debt. Furthermore, he has expressed a commitment to making the United States the “crypto capital of the planet,” which resonates with a segment of the cryptocurrency community that seeks greater regulatory clarity and support for digital assets.

The recent price rallies of Trump-themed cryptocurrencies are largely fueled by the hype surrounding the upcoming elections and significant political events. Traders often categorize these assets as “event coins,” indicating that their value is closely tied to the timing and outcomes of elections. Typically, tokens themed around specific candidates may experience substantial price surges leading up to and immediately following election results. However, once the initial excitement subsides, these tokens are expected to experience pullbacks as the speculative frenzy wanes.

Despite their current status as meme coins, some industry experts believe that if these political tokens can develop real utility—such as integration into financial products or partnerships that enhance their use cases—they could transition away from their meme coin label and establish a more stable position within the cryptocurrency market. This potential for growth hinges on the ability of these tokens to provide value beyond mere speculation, appealing to a broader range of investors and users.

As the political landscape continues to evolve, the future of these tokens may depend on their ability to adapt and offer tangible benefits to their holders, which could ultimately change their trajectory in the cryptocurrency ecosystem.