Title: What are the potential hype targets in the upcoming US presidential election?
Source: Woo
Background: The US presidential election is coming up on November 5
With less than a week to go until the US presidential election on November 5, the crypto user community has a stake in this election. According to Triple A data, the proportion of the US population holding cryptocurrencies in 2024 is 15.5%, representing about 51 million Americans, which is more than 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 constantly introducing crypto-friendly policies.
Meme coins are a manifestation of the attention economy, and are therefore closely tied to hot events, with the US presidential election being an excellent topic for hype. So which coins have the potential for hype and are worth watching?
Let's take a look with WOO X Research!
High Market Cap Coins: DOGE, People
$DOGE
The reason why the first meme coin DOGE has taken on political overtones is inseparable from Musk's support for Trump.
On August 20, Musk tweeted that he wanted to create a "Department of Government Efficiency" (D.O.G.E.), with the naming concept coming from the DOGE community's suggestion to Musk. Trump also responded that if elected, he would establish such a department and conduct a comprehensive financial audit of the government, and propose to reduce waste. Therefore, the price performance of DOGE has also begun to be linked to the presidential election.
https://x.com/elonmusk/status/1825723913051000851
· Current Market Cap: $25.5B
· 14-Day Price Change: +48%
· Upward Momentum: Musk's post, Trump's campaign mentions
$People
People is not centered on a presidential candidate, but is a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization founded in 2021 with the goal of raising funds and bidding on a rare copy of the US Constitution at a Sotheby's auction, raising as much as 6,000 ETH, or about $40 million at the time.
At the same time, they issued the PEOPLE governance token 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 were ultimately unsuccessful in the bidding, so ConstitutionDAO announced the end of the project, and after handling the refund process, the community members also decided to dissolve the community, but some community members chose to retain the PEOPLE tokens they had exchanged for ETH and carry out other projects in the form of a DAO, making $People a meme coin.
Meme, full circulation, low market cap, and the natural political attributes of the Constitution have become the driving force behind the rise of People.
· Current Market Cap: $386M
· 14-Day Price Change: -7.6%
· Upward Momentum: Highly correlated with the timeline of the presidential election
Low Market Cap Coins: MAGA, KAMA
$MAGA
The concept is an abbreviation of Trump's slogan "Make America Great Again", and the price trend is closely related to Trump's poll numbers. Currently, there are quite a few Trump-themed coins in the market, including Trump, Tremp, Fight, and babytrump, and the best performing coin in the past two weeks has been MAGA. The prices of other coins have not risen as much as expected, despite the increase in Trump's chances of winning. If you believe Trump's chances of winning are high, MAGA is a relatively stable choice.
· Current Market Cap: $101M
· 14-Day Price Change: +83%
· Upward Momentum: Rises with increasing chances of Trump's victory.
$KAMA
The full name of the token is Kamala Horris (with the 'a' changed to 'o'), which is a parody of the Democratic candidate Kamala Harris. It is worth mentioning that among the political meme coins, there are many more Trump-themed coins than Harris-themed coins, which also reflects the political preferences of crypto users to some extent.
· Current Market Cap: $7M
· 14-Day Price Change: +13%
· Upward Momentum: Rises with increasing chances of Harris' victory.
Important Events & Timelines for Political Meme Coin Hype
Electors Chosen, Voting (11/5 & 12/16)
After the popular vote on November 5th to elect the electors, the electors from each state will gather 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 state. So some say that this day is the real "US presidential election day".
US Presidential Election Results Announced (1/6/2025)
The joint session of the US Congress will officially announce the winner in early January of the following year. At this time, the members of the Senate and House of Representatives will meet together to certify and count the electoral college votes, officially announcing the new president and vice president. This process symbolizes the final confirmation of the election procedure 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 and officially begin their term.
Conclusion: After the election, is it a new start for the crypto market?
It can be foreseen that after the presidential election is over, the aforementioned meme coins will not have much hype momentum. At that time, the market sentiment will return to the new president's attitude towards cryptocurrencies. Trump is clearly more friendly to crypto voters than Harris, and has recently announced that he will issue his own stablecoin. This is also one of the reasons why Trump's odds are so lopsided on Polymarket compared to traditional polls.
Currently, Bitcoin's performance is strong, and if Trump is ultimately elected, it can be seen as a positive development, but in the short term it may face pressure for a price correction. 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.
