The cryptocurrency market has become more active on election day. The price of Bitcoin (BTC) hit an all-time high as investors expected Donald Trump to become the new President of the United States. In particular, the prices of political meme coins have surged.
The market capitalization and trading volume of political meme coins increased significantly on election day.
Donald Trump Meme Coin Rises 17% in a Day
According to CoinMarketCap data, the market capitalization of political meme coins exceeded $640 million, increasing by nearly 17% in a single day. Additionally, the 24-hour trading volume of these meme coins surpassed $400 million, a rise of 87%.
However, not all political meme coins have seen an increase. While meme coins related to Trump have shown strong price appreciation, those associated with Harris have generally declined. This reflects traders' expectations of a Trump victory.
The top 5 political meme coins by market capitalization all saw gains in the past 24 hours, and most of them are related to Trump. In contrast, the political meme coin that experienced the largest decline in the past 24 hours is associated with Harris.
Read more: 11 Solana Memecoins to Watch in November 2024
Specifically, MAGA (TRUMP) recorded a daily trading volume of over $40 million, the highest since July 20th. The price of TRUMP surged from $3 to over $4.7, an increase of 55%. However, it is currently trading at $3.63.
Meanwhile, Kamala Harris (KAMA) plummeted 70% today, from $0.015 to $0.0045.
Additionally, the number of new tokens created on election day has slightly increased. Pump.fun reported that over 26,000 new tokens were created in the past 24 hours, many of which are political meme coins.
X account DogeDesigner mentioned that meme coins are generally expected to gain attention for the next 4 years.
"Memes will be hot for the next 4 years," - DogeDesigner declared.
Read more: 7 Hot Meme Coins and Altcoins Trending in 2024
However, it is worth noting that most political-themed meme coins are voluntarily created without direct association with the candidates and have low trading volumes.
