Politically themed memecoins have reduced tremendously by value and market cap as the election day gets closer.
The Political Finance (PolitiFi) niche of the crypto market has shrunk by about $400 million, CoinMarketCap data shows. Driven by a whose of politically themed memecoins, the PolitiFi market cap was valued at over $875 million in the early days of June. As of September 9, it has reduced to $475 million.
Back in June, a memecoin using Trump’s likeness, called MAGA, with the ticker symbol TRUMP, sat at the top of the list of PolitiFi tokens, with a market cap upwards of $630 million. That has declined to about $147 million today. The MAGA token’s price has gone from over $14 to about $3 during that period. Today, the ConstitutionDAO (PEOPLE) token occupies the first spot by market cap in the political memecoin section. However, its price has also reduced since June, going from $0.11 to $0.05.
Another token that occupied one of the top spots in this niche in June and continues to do so now is yet again a Trump-themed token called Maga Hat (MAGA). However, that token also dropped in price from $0.00042 to $0.000085.
Newer tokens, emerging this year, have not fared well either. The Joe Biden dedicated Jeo Boden (BODEN) memecoin plummeted massively after incumbent Joe Biden dropped out of the US Presidential race for Kamala Harris to take over. Nonetheless, that transition was enough to put the Kamala Horris (KAMA) token on the map, as it went from holding an insignificant market cap to about $9 million.
Will Political Memecoins Hold Up After the Election?
While it may be exciting to see how these tokens perform on the road to the presidential election set for November, many worry about what will happen to their value after the results are out. We may only know that after the elections.
In other parts of the decentralized world, prediction markets like Polymarket are witnessing tremendous usage as users bet on various aspects of the election. Crypto has pegged itself strongly to the elections this year, beyond the candidates’ outlooks about the asset type and policies.
