Original title: (The U.S. presidential election is approaching, what speculation targets are there?)
Original source: Woo
Background: The U.S. presidential election on November 5 is approaching.
With less than a week until the U.S. presidential election on November 5, the cryptocurrency user group has a place in this election. According to Triple A data, the percentage of Americans holding cryptocurrency in 2024 is 15.5%, representing about 51 million Americans, which is more than the total population of African Americans (41.1 million), and only second to Hispanic Americans (about 57 million).
This is also why cryptocurrencies have become the focus of this U.S. presidential election, as Trump has continuously introduced cryptocurrency-friendly policies.
Meme coins are a manifestation of the attention economy, thus they are always closely tied to popular events. The U.S. presidential election is an excellent topic for speculation. So which coins are worth paying attention to for speculation opportunities?
Let WOO X Research take you through it!
High market cap coins: DOGE, People
$DOGE
The first meme coin DOGE joining the political fray is largely due to Musk's support for Trump.
On August 20, Musk tweeted that he wants to create a 'Department of Government Efficiency', abbreviated as D.O.G.E, which was 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 to reduce waste. Therefore, the price performance of DOGE has also started to be linked to the presidential election.
https://x.com/elonmusk/status/1825723913051000851
· Current market cap: 25.5B
· Price change over the last 14 days: +48%
· Upward momentum: Mentioned by Musk in his posts and during Trump's rallies.
$People
People is not centered around presidential candidates but is a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization established in 2021, aimed at raising funds to bid for a rare copy of the U.S. Constitution at a Sotheby's auction, raising as much as 6000 ETH, roughly equivalent to 40 million USD at the time.
Meanwhile, through the blockchain platform Juicebox, the PEOPLE governance token is issued, and investors can 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.
However, in the end, the bidding was unsuccessful, so ConstitutionDAO announced the project termination. After handling the refund process, the community members also decided to disband the community, but some members chose to retain the PEOPLE tokens exchanged for Ethereum and conduct other projects in the form of a DAO, which also made $People a meme coin.
Meme-ness, full circulation, low market cap combined with the natural political attributes of the Constitution become the driving forces behind People’s rise.
· Current market cap: 386M
· Price change over the last 14 days: -7.6%
· Upward momentum: Highly correlated with the timing of the presidential election
Small market cap coins: MAGA, KAMA
$MAGA
The concept is an abbreviation of Trump's slogan 'Make America Great Again', and the price trend of the coin is closely related to Trump's polling. Currently, there are quite a few Trump-themed coins on the market, including Trump, Tremp, Fight, babytrump, etc. The coins that have performed well in price trends over the past two weeks are MAGA. Other coins have seen price increases but not as expected with the rising probability of Trump's election. If you believe Trump has a high chance of being elected, MAGA is a more stable choice.
· Current market cap: 101M
· Price change over the last 14 days: +83%
· Upward momentum: Increases as the probability of Trump's victory rises.
$KAMA
The full name of the token is Kamala Horris (changing 'a' to 'o'), conceptually a parody of the Democratic candidate Kamala Harris's cartoon image. It is worth mentioning that there are numerous Trump-themed coins among political meme coins, while there are very few Kamala Harris-themed coins, which also reflects the political preferences of cryptocurrency users.
· Current market cap: 7M
· Price change over the last 14 days: +13%
· Upward momentum: Increases as Kamala Harris's election probability rises.
Important events & timeline for political meme coin speculation
Electors selected, voting (11/5 & 12/16)
After the nationwide voting on November 5 to select electors, the state electors will meet on 'the first Monday after the second Wednesday in December' (which is December 16, 2024) to vote for a group of presidential and vice-presidential candidates based on each state's popular vote. Therefore, some say this day is the real 'U.S. 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, members of both the House and Senate will meet to approve and count the electoral votes, officially announcing the elected president and vice president. This process symbolizes the final confirmation of the election procedure 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 starting their term.
Conclusion: Is the end of the election the beginning of a new round for the cryptocurrency market?
It is foreseeable that with the presidential election coming to an end, the aforementioned meme coins will have little speculative momentum, and market sentiment will return to the new president's attitude toward cryptocurrencies. Trump clearly caters to cryptocurrency voters more than Kamala Harris and has recently announced that he will issue his own stablecoin. This is also one of the reasons why both sides are close in traditional polls, but in Polymarket, Trump's winning odds are overwhelmingly high.
Currently, Bitcoin is performing strongly. If Trump is ultimately elected, it can be seen as a positive factor, but in the short term, there may be pressure for price adjustments. However, as time goes by and cryptocurrency-friendly policies are implemented, it will bring a more stable investment environment and long-term benefits to the overall market.
This article comes from a submission and does not represent the views of BlockBeats.
