PolitiFi coins, or politics finance, have seen a huge increase of 782.4% so far this year, outpacing the broader memecoin market, which has grown by 90.2%. Despite this impressive growth, PolitiFi coins still make up a small part of the memecoin market. PolitiFi coins, as of August 25, are worth $680.8 million, which is only 1.5% of the entire memecoin market cap of $45.6 billion. On June 16, PolitiFi coins had an aggregate market cap of $1.6B, which accounted for 3.3% of memecoins. The stats have been provided by CoinGecko in its latest report.
PolitiFi coins pumped 782.4% year to date, outperforming the broader meme coins category, which rose by 90.2% in the same period.Read the full study: https://t.co/Ow19XmKfViWhat Caused #PolitiFi Coins to Rise?The growing interest in the US political scene amongst crypto… pic.twitter.com/gxHx6wuXVF
— CoinGecko (@coingecko) August 30, 2024
ConstitutionDAO (PEOPLE) Leads PolitiFi Coins with $385M Market Cap
The current largest PolitiFi coin is ConstitutionDAO (PEOPLE) it has a market capitalization of $385,660,105. This coin has risen by 494.3% from the beginning of the year from the initial value of $64.9 million. ConstitutionDAO was initially started in early November 2021 with the aim of purchasing an original U.S. Constitution however, it lost the bid and as a result, was dissolved. It caused shutdown but still stands a major player in the context of PolitiFi market.
The second is MAGA ($TRUMP) with market capitalization of $178,946,608 an impressive hike from $12,281,340 recorded as from January 2024. This particular crypto reached its all-time high of $789.8 million on 1st June when Donald Trump was charged with hush-money payments. After that, MAGA ($TRUMP) increased by, 22.3% to achieve its highest point.
MAGA Hat Surges 1,292%, Reaches $35.5M Market Value
The third largest one is MAGA Hat ($MAGA) which has the market value of $35.5 ml. Since its launch in May 2024, it has grown by 1,292.1% back then of $2.6 million and up to $232,400,000 of the all-time high on May 29.
An increase in the population of PolitiFi coins is due to increased attention to the politics of the United States in the cryptosystem. The significant fluctuations in their values reflect the strong impact of political developments on their performance. Some of these coins are made for keeping it as a meme while others use the earnings from it to fund political agendas.
Since PolitiFi coins rely closely on political events, specific events such as Trump’s election win and legal battles, dramatically affected the value of the PolitiFi coins. As political events keep impacting the market, PolitiFi coins are expected to remain a turbulent yet exciting territory for both investors and political enthusiasts.
