š Political Theme Tokens (PolitiFi) Have Exploded This Year, Outperforming Other Meme Coins!
š Politically themed tokens (PolitiFi) have outperformed the market this year, with a staggering 782.4% increase between January 1 and August 25, 2024, far outperforming both regular MemeCoins and the entire cryptocurrency market, according to new research from Coingecko.
š These PolitiFi tokens are a subset of memecoins that draw inspiration from political figures and events, but most are satirical and have no official connection to any politician. For example, ConstitutionDAO (PEOPLE) is currently the largest PolitiFi token by market cap, having risen nearly 500% since January.
š Not to be outdone, the Donald Trump-themed MAGA (TRUMP) token has a market cap of $178.9 million and is up 1,350.9% since January. Whenever Trump is in the news, the price of this token will soar.
š CoinGecko's research report pointed out that the price movement of PolitiFi tokens is closely related to political events, and the development of these events can have a significant impact on their value. For example, as soon as the news of Trump's assassination came out, the price of the related token soared by 66%.
š Finally, although PolitiFi tokens have performed well, the overall market of memecoins is extremely volatile and is mainly used for speculation, with little practical use for most projects. At the same time, with the recent market crash, many memecoins have been hit hard, such as the old memecoins Dogecoin (DOGE) and Shiba Inu Coin (SHIB), which have fallen by more than 60% since March this year.
š¤ What do you think of this strong performance of politically themed tokens? Do you think this trend will continue? How will these tokens perform before the upcoming US presidential election? Leave your thoughts in the comments section!
