With less than a week until the US presidential election on November 5, the crypto user community has a stake in this election. According to data from Triple A, in 2024, 15.5% of the US population, or about 51 million Americans, will hold cryptocurrencies, outnumbering the total African American population (41.1 million) and second only to the Hispanic American population (about 57 million).
This is why cryptocurrencies have become a focus in this US presidential election, with Trump continuously introducing crypto-friendly policies.
Meme coins are a manifestation of the attention economy, and are therefore closely tied to popular events, making the US presidential election an excellent topic for speculation. So which coins have the potential for speculation?
Let's take a look with WOO X Research!
High-Cap Coins: DOGE, People
$DOGE
The reason why the original meme coin Doge has taken on political overtones is inseparable from Musk's support for Trump.
On August 20, Musk tweeted that he wants to establish a "Department of Government Efficiency" (D.O.G.E.), with the name concept coming from the Doge community's suggestion to Musk. Trump also responded that if elected, he will establish this department, conduct a comprehensive financial audit of the government, and propose reducing waste. Therefore, Doge's price performance has also begun to be linked to the presidential election.
- Current Market Cap: $25.5B
- 14-Day Price Change: +48%
- Bullish Catalysts: Musk's tweet, Trump's mention during rallies
$People
People is not centered around a presidential candidate, but is a token issued by ConstitutionDAO.
ConstitutionDAO was established in 2021 as a decentralized organization with the goal of raising funds and bidding on a rare copy of the US Constitution at a Sotheby's auction, raising a staggering 6,000 ETH, or about $40 million at the time.
Concurrently, the PEOPLE governance token was issued through the Juicebox blockchain platform, where investors could exchange 1 ETH for 1 million $PEOPLE. Token holders would not directly own the Constitution, but would have the power to govern the community. After successfully bidding on the Constitution, the DAO community would vote on how to handle the copy.
However, they ultimately did not win the bid, so ConstitutionDAO announced the end of the project. After processing refunds, the community members decided to dissolve the DAO, but some chose to retain the PEOPLE tokens obtained through ETH conversion, and continue to develop other projects in DAO form, making $People a meme coin.
Meme status, full circulation, low market cap, and the natural political attributes of the Constitution have become the driving forces behind the rise of People.
- Current Market Cap: $386M
- 14-Day Price Change: -7.6%
- Bullish Catalysts: Closely tied to the timeline of the presidential election
Low-Cap Coins: MAGA, KAMA
$MAGA
The concept is an abbreviation of Trump's slogan "Make America Great Again", and the coin's price movement is closely related to Trump's poll numbers. Currently, there are quite a few Trump-themed coins on the market, including Trump, Tremp, Fight, and babytrump. Among them, MAGA has had a relatively good price performance in the past two weeks. Other coins have not risen as much as expected, despite Trump's increasing chances of winning. If you believe Trump's chances of winning are high, MAGA may be a relatively stable choice.
- Current Market Cap: $101M
- 14-Day Price Change: +83%
- Bullish Catalysts: Rises with increasing likelihood of Trump's victory
$KAMA
The full name of the token is Kamala Horris (with 'a' changed to 'o'), a parody of the Democratic candidate Kamala Harris. It's worth mentioning that among the political meme coins, there are far more Trump-themed coins than Harris-themed ones, which also reflects the political preferences of crypto users to some extent.
- Current market value: 7M
- Gain/loss in the past 14 days: +13%
- Upward momentum: Rising due to increased probability of Kamala Harris' victory.
Meme coin speculation on important events & timeline
Electors selection, voting (11/5 & 12/16)
After the popular vote on November 5th to elect the electors, the state electors will convene on the "first Monday after the second Wednesday in December" (December 16, 2024) to vote for a presidential and vice-presidential candidate based on the popular vote results in their respective states. Therefore, some say that this day is the true "US presidential election day".
US presidential election results announced (1/6/2025)
The US Congress will officially announce the winner in early January of the following year. At that time, the members of the Senate and House of Representatives will meet together to approve and count the votes of the Electoral College, officially announcing the new President and Vice President. This process symbolizes the final confirmation of the electoral process and is the last step before the new administration takes office.
Presidential inauguration (1/20/2025)
The new President will be sworn in on January 20, 2025, officially beginning their term.
Conclusion: With the election over, is a new chapter beginning for the crypto market?
It can be foreseen that, with the presidential election concluded, the aforementioned meme coins will have limited speculative momentum, and the market sentiment will return to the new president's attitude towards cryptocurrencies. Trump is clearly more accommodating towards crypto voters than Harris, and has recently announced the launch of his own stablecoin. This is also one of the reasons why he has a lopsided victory rate on Polymarket despite the two being close in traditional polls.
Bitcoin's trend is currently strong, and if Trump is ultimately elected, it can be seen as a positive factor in the short term, though there may be some price pullback pressure. However, if crypto-friendly policies are implemented over time, it will bring a more stable investment environment and long-term positive outlook for the overall market.
