Meme Coin Madness as Donald Trump Wins Key States in the US Presidential Elections
2024-11-06

TL;DR
The Trump Effect
The past 24 hours have been highly successful for the cryptocurrency sector, with its global market capitalization rising by 7% to approximately $2.6 trillion (per CoinGecko’s data).
Perhaps the most obvious reason fueling the rally is Donald Trump’sincreased oddsto win the US presidential elections. The Republican, who presented himself as a firm supporter of the digital asset industry during his campaign, has reportedly secured viral victories in swing states like Pennsylvania, North Carolina, and Georgia. According to Polymarket, his chances of entering the White House as a winner have surpassed 99%.
Some of the top-performing cryptocurrencies following the news of his massive lead include Bitcoin (BTC), whichhita new all-time high of over $75,000, and Solana (SOL), which exploded to a six-month peak of approximately $186.
The meme coin niche is also full of notable gainers. The largest in terms of market cap – Dogecoin (DOGE) – exceeded $0.21, a level last observed in April this year. Its biggest rival – Shiba Inu (SHIB) – is up 9.5% daily, while Pepe (PEPE), Bonk Inu (BONK), Popcat (POPCAT), Floki Inu (FLOKI), and many more have charted double-digit increases.What About PolitiFy Memes?
Somewhat expected, meme coins related to the presidential candidates have experienced enhanced volatility, too. Those connected to the Republican, such as MAGA (TRUMP), Donald Tremp (TREMP), Dark Maga (MAGA), and MAGA Again (MAGAA) have recorded substantial gains.
Conversely, Harris-themed memes, including Kamala Horris (KAMA) and Kamabla (KAMABLA), are among the market’s poorest performers.
The official results of the elections have yet to be released, and it will be interesting to see whether they will trigger additional price swings for the aforementioned tokens.