With less than a week to go until the U.S. presidential election on November 5, the crypto user base holds a place in this election. According to Triple A data, the proportion of Americans holding cryptocurrencies in 2024 is 15.5%, representing about 51 million Americans, which is more than the total population of African Americans (41.1 million), only surpassed by Latinos (about 57 million).
This is also why cryptocurrencies have become the focus of this U.S. presidential election, as Trump has continuously introduced crypto-friendly policies.
Meme coins are a manifestation of the attention economy, thus they are always tightly bound to hot events, with the U.S. presidential election being an excellent topic for speculation. So which cryptocurrencies are worthy of attention for speculative opportunities?
Let's see what WOO X Research has for you!
High Market Cap Cryptocurrencies: DOGE, People
$DOGE
The reason why the first meme coin DOGE joins in with political colors is closely related to Musk's support for Trump.
On August 20, Musk tweeted that he wanted to establish a 'Department of Government Efficiency', abbreviated as DOGE, a naming concept suggested by the DOGE community. Trump also responded that if elected, he would establish this department to conduct a comprehensive financial audit of the government and propose waste reduction. Therefore, DOGE's price performance has become linked to the presidential election.
Current Market Value: 25.5B
14-Day Price Change: +48%
Upward Momentum: Mentioned by Musk in posts and during Trump's campaign.
$People
People is not centered around presidential candidates; it is a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization established in 2021, aimed at fundraising and bidding for a rare copy of the U.S. Constitution at a Sotheby's auction, raising as much as 6,000 ETH, equivalent to about 40 million dollars.
Meanwhile, through the blockchain platform Juicebox, PEOPLE governance tokens are issued, allowing investors to exchange 1 ETH for 1 million $PEOPLE. Token holders do not directly own the constitution but have the power of community governance. After successfully bidding for the constitution, the DAO community will vote on how to handle this copy.
But ultimately, the bid was unsuccessful, so ConstitutionDAO announced the termination of the project. After processing the refund procedure, community members also decided to dissolve the community, though some chose to retain and use the PEOPLE tokens exchanged for Ether, and continue other projects in the form of a DAO, which made $People a meme coin.
Memes, full circulation, low market cap combined with the natural political attributes related to the constitution become the driving force for the rise of People.
Current Market Value: 386M
14-Day Price Change: -7.6%
Upward Momentum: Highly correlated with the timing of the presidential election.
Small-cap Cryptocurrencies: MAGA, KAMA
$MAGA
The concept is an abbreviation of Trump's slogan 'Make America Great Again', and its price trends are closely related to Trump's poll ratings. Currently, there are many Trump-themed cryptocurrencies in the market, including Trump, Tremp, Fight, babytrump, etc. Among them, MAGA has shown good price trends in the past two weeks, while other coins did not rise as expected despite increasing probabilities of Trump's election. If one believes Trump has a high chance of winning, MAGA is a more stable choice.
Current Market Value: 101M
14-Day Price Change: +83%
Upward Momentum: Increased with the probability of Trump winning.
$KAMA
The full name of the token is Kamala Horris (changing 'a' to 'o'), conceptually a parody of the cartoon image of Democratic candidate Kamala Harris. It is worth mentioning that among political meme coins, the number of Trump-themed coins is abundant, while the number of Kamala Harris-themed coins is extremely few, reflecting the political preferences of crypto users.
Current Market Value: 7M
14-Day Price Change: +13%
Upward Momentum: Increased with Kamala Harris's winning probability.
Important Events & Timeline for Political Meme Coin Speculation
Electors generated, voting (11/5 & 12/16)
After the nationwide voting on November 5 to elect electors, the electors from each state will meet on 'the first Monday after the second Wednesday of December' (December 16, 2024) to vote for a specific group of presidential and vice-presidential candidates based on the popular vote results of each state. Thus, some say this day is the true 'American Presidential Election Day.'
The results of the U.S. presidential election will be announced (2025/1/6)
The U.S. Congress will officially announce the elected candidates in early January of the following year. At that time, the members of both houses of Congress will meet to approve and count the electoral votes, formally announcing the newly elected president and vice president. This process symbolizes the final confirmation of the election process and is the last step before the new government takes office.
Presidential inauguration (2025/1/20)
The new president will be sworn in on January 20, 2025, officially beginning their term.
Conclusion: Is the end of the election the beginning of a new round for the crypto market?
It is foreseeable that as the presidential election concludes, the aforementioned meme coins will have little speculative momentum, and market sentiment will return to the new president's attitude towards cryptocurrencies. Trump is obviously more appealing to crypto voters compared to Kamala Harris, and he recently announced plans to issue his own stablecoin. This is also one of the reasons why the two sides are close in traditional polls, while Trump's winning probability is overwhelmingly favored in Polymarket.
Bitcoin is currently showing strong performance. If Trump is ultimately elected, it can be seen as a positive outcome, although in the short term it may face price pullback pressure. However, if crypto-friendly policies are implemented over time, it will bring a more stable investment environment and long-term benefits for the overall market.
