The cryptocurrency market surged strongly on Election Day. Bitcoin (BTC) officially reached a new all-time high as investors expect Donald Trump to become the new President of the United States. Notably, the prices of politically related Meme Coins skyrocketed.
The market capitalization and trading volume of major political Meme Coins show significant growth on Election Day.
Donald Trump themed Meme Coins dominate
Data from CoinMarketCap shows that the market capitalization of political Meme Coins exceeded $640 million, an increase of nearly 17% in one day. Additionally, the 24-hour trading volume of these Meme Coins surpassed $400 million, rising up to 87%.
Market Capitalization and Trading Volume of Political Meme Tokens. Source: CoinMarketCap.
However, not all political Meme Coins are rising. While Trump-related Meme Coins are seeing strong gains, those related to Harris are broadly declining. This reflects traders' expectations of a Trump victory.
The top five political Meme Coins by market capitalization all recorded gains over the past 24 hours, most of which are related to Trump. In contrast, the political Meme Coins that saw the largest declines in the past 24 hours were all related to Harris.
Top 5 Political Meme Coins by Market Capitalization. Source: CoinGecko.
Notably, MAGA (TRUMP) recorded daily volume exceeding $40 million, the highest since July 20. The price of TRUMP experienced significant volatility, rising from $3 to over $4.7, a 55% increase. However, at the time of writing, it is trading at $3.63.
Meanwhile, Kamala Harris (KAMA) dropped 70% today, from $0.015 to $0.0045.
Additionally, the number of new Tokens created on Election Day increased slightly. Pump.fun reported over 26K new Tokens created in 24 hours, the highest since the beginning of the month. Among them, there is a significant number of political Meme Coins.
X account DogeDesigner states that meme Coins, in general, will continue to be the focus of attention in the next four years.
"Memes are going to be lit for the next 4 years." – DogeDesigner affirms.
However, it should be noted that most political themed Meme Coins are created spontaneously, not directly related to the candidates, and have low trading volumes.
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