Trump based cryptocurrencies rally over 100% ahead of election day

Trump-based politiFi tokens have rebounded ahead of the US elections, gaining over 120% in the last 24 hours.

MAGA Hat (MAGA), MAGA (TRUMP), Doland Tremp (TREMP), Super Trump (STRUMP), TrumpCoin (DJT), and other meme coins themed around former US president Donald Trump have made significant gains as the overall market cap of PolitFi coins increased% It rose to over $685 million with a valuation of 5.4.

Meanwhile, Kamabla (KAMABLA) was the only meme coin that revolved around Vice President Kamala Harris and saw a positive day. KAMABLA is up 32.7% over the past day with intraday highs and lows of $0.00078 and $0.00049 respectively.

Political meme coins gained traction as excitement around these tokens peaked with the November 5 Presidential elections, which are expected to shape the future of the crypto industry in the US and globally.

Trump tokens took the lead despite the former President’s odds of winning decreasing on prediction platforms. Polymarket data shows Trump’s chances of winning have fallen to 56% from the 66.9% seen on October 30.

Harris, meanwhile, saw her chances rise from 33.5% to 44%, reflecting shifting market sentiment as investors turned to the idea of ​​an unpredictable outcome based on historical inaccuracies in polls from past election years.

Early on Nov. 3, the majority of Trump-themed meme coins faced a decline following some unsettling remarks Trump made during the Republican candidate’s Milwaukee rally. However, most of the tokens recovered and made up for the previous day’s losses.

However, looking at the recent price movements of these tokens, it seems that investors are slightly biased towards Trump’s chances of returning to the White House.

DJT is the leading gainer, up 129.1%, while Pepe (TRUMP) gained over 124.3% in the past day. Other popular memecoins MAGA, TRUMPCOIN, STRUMP, MAGA Pepe (MAPE) and TREMP gained 58.4%, 46.5%, 36.9%, 28.2% and 14.3% respectively.

Source: CoinGecko

Trump has been widely viewed as a crypto-friendly president in recent years. He has promised to launch a Bitcoin reserve aimed at reducing the US’s $35 trillion debt in the coming years. He also pledged to make the US the ‘crypto capital of the planet’.

Price increases around these cryptocurrencies are primarily driven by excitement around elections and other political events, leading investors to classify them as ‘event coins’. Each candidate’s themed tokens are likely to increase depending on election results but are expected to be withdrawn once the initial excitement fades.

However, some experts suggest that if these tokens provide a tangible benefit, they could eventually shed their meme coin status and gain a more stable footing in the market.