MAGA, STRUMP, TREMP rally amid increasing odds of a Trump victory

Trump-themed meme coins have soared in prediction markets as the former US president’s odds of winning the 2024 election increase.

MAGA Hat (MAGA), a prominent Trump-inspired token, increased its price by 23.8%, increasing its market cap to $68.7 million. Similarly, Super Trump (STRUMP) rose 31.9% to $0.0084 per token, while Doland Tremp (TREMP) increased 20.4% to $36.1 million in market cap.

The bullish momentum wasn’t just limited to these cryptocurrencies, as Dark MAGA (DMAGA), a token representing a more authoritarian, dystopian version of Trump and often depicted with “laser eyes,” surged 28% with a daily trading volume of $1.75 billion. .

All these gains helped push the total market cap of politically themed tokens to over $853 million. Meanwhile, according to Coinmarketcap data, the community’s sensitivity towards tokens has also increased.

The possibility of Trump winning the 2024 election is fueling the recent surge in Trump-themed meme coins as the crypto community sees him as a more innovation-friendly candidate for the industry.

According to Polymarket, a crypto-based betting platform on the Polygon network, Trump holds a strong lead over Kamala Harris, with her odds pegged at 59.7% to Harris’ 40.1%.

The rally also coincided with the public sale of WLFI, the governance token of the Trump family-backed DeFi project World Liberty Financial platform. WLFI’s launch via IPO increased the visibility of politically themed tokens and attracted the attention of both the crypto community and Trump supporters.

Politically themed meme coins like MAGA Hat and Dark MAGA often gain traction during election cycles, but lose relevance after the event ends. Traders often refer to these tokens as “event coins” because their values ​​tend to fluctuate depending on the timing of political turning points.

While these coins have witnessed short-term gains due to the ongoing election season, their long-term sustainability remains uncertain.

However, if Bitcoin (BTC) makes a significant move, there is a good chance that these meme coins will catch another wave. After all, meme coins have a history of doing well when Bitcoin is in a bull run, and this time may be no different.