The cryptocurrency market has risen strongly on Election Day. Bitcoin (BTC) officially reached a new All-Time-High as investors expect Donald Trump to become the new US President. Notably, the prices of politically-related Meme Coins have surged.
The market capitalization and trading volume of major political Meme Coins have shown significant growth on Election Day.
Donald Trump-themed Meme Coins outperform
Data from CoinMarketCap shows that the market capitalization of political Meme Coins has exceeded $640 million, up nearly 17% in a single day. Additionally, the 24-hour trading volume of these Meme Coins has exceeded $400 million, an increase of up to 87%.
However, not all political Meme Coins have increased. While Meme Coins related to Trump have seen strong growth, those related to Harris have declined significantly. This reflects traders' expectations of a Trump victory.
The top five political Meme Coins by market capitalization have all recorded gains in the past 24 hours, most of which are related to Trump. In contrast, the political Meme Coins with the biggest declines in the past 24 hours are all related to Harris.
Notably, MAGA (TRUMP) has recorded a daily trading volume exceeding $40 million, the highest since July 20th. The price of TRUMP has seen significant volatility, rising from $3 to over $4.7, an increase of 55%. However, at the time of writing, it is trading at $3.63.
Meanwhile, Kamala Horris (KAMA) has declined 70% today, from $0.015 to $0.0045.
Additionally, the number of new Tokens created on Election Day has increased slightly. Pump.fun reported that over 26K new Tokens were created in 24 hours, the highest since the beginning of the month. Among them, there is a significant number of political Meme Coins.
X account DogeDesigner stated that Meme Coins, in general, will continue to be the focus of attention for the next four years.
"Memes are going to be lit for the next 4 years." – DogeDesigner affirmed.
However, it should be noted that most politically-themed Meme Coins are created spontaneously, not directly related to the candidates, and have low trading volumes.
