According to CoinGecko, political-themed meme coins have outperformed the broader cryptocurrency market after their total market capitalization surged by 10% to more than $802 million.
One catalyst behind this growth is gains posted by meme coins inspired by the former US President, Donald Trump. MAGA (TRUMP) was up 13% at press time to trade at $4.10. The coin’s 14-day gains stood at over 160%.
The other top gainer is MAGA Hat (MAGA), which has gained more than 23% to trade at $0.000185 at press time. All the top four Trump-themed meme coins have posted double-digit gains in the last seven days.
(Source: Coingecko)
The gains come after the Republican Presidential candidate secured a wide lead in the polls against his contender, Kamala Harris.
Trump Secures Wide Lead on Polymarket
Trump’s poll performance as the US presidential election draws near has become of key interest to the crypto industry due to his pro-crypto remarks.
In the last 24 hours, Trump has taken one of his biggest leads against Harris on the blockchain-based betting site Polymarket. At press time, Trump had a 6% lead with 52.8% of votes in his favor. In comparison, Harris had 46.7% of votes in her favor.
(Source: Polymarket)
The Presidential Election Winner 2024 poll on Polymarket has amassed $1.4 billion in betting volumes, and it is slated to close next month.
Trump’s improved performance comes after Tesla CEO Elon Musk appeared at a Trump rally in Pennsylvania. Musk, an avid supporter of Trump, commented on election betting on Polymarket, saying it was more reliable.
“Trump now leading Kamala by 3% in betting markets. More accurate than polls, as actual money is on the line,” Musk stated.
Trump’s Pick for SEC Chair
As ZyCrypto reported, Trump vowed to fire Gary Gensler, the current Chair of the US Securities and Exchange Commission (SEC), on his first day in office. Given Trump’s pro-crypto stance, speculation is now rife as to who could replace Gensler.
According to a report by Politico, Robinhood’s Chief Legal Officer, Dan Gallagher, could be one of the top picks for this position. Gallagher served as an SEC Commissioner between 2011 and 2015 before his appointment to Robinhood.
Gallagher’s appointment could bode well for crypto, given that the Robinhood brokerage platform supports digital asset trading.
