Trump-themed meme coins surged as the odds of the former U.S. president winning the 2024 election increased on prediction markets.
MAGA Hat (MAGA), a prominent Trump-inspired token, saw its price increase by 23.8%, bringing its market valuation to $68.7 million. Similarly, Super Trump (STRUMP) climbed by 31.9%, reaching $0.0084 per token, while Doland Tremp (TREMP) rose by 20.4%, with a market cap now at $36.1 million.
The upward momentum was not limited to these coins alone, as Dark MAGA (DMAGA), a token representing a more authoritarian, dystopian version of Trump often depicted with “laser eyes,” surged by 28%, with a daily trading volume of $1.75 billion.
All these gains helped push the total market cap of political-themed tokens past $853 million. Meanwhile, the community sentiment around the tokens had also turned bullish according to Coinmarketcap data.
Trump’s odds of winning the 2024 election are fueling the recent surge in Trump-themed meme coins as the crypto community views him as a more innovation-friendly candidate for the sector.
According to Polymarket, a crypto-based betting platform on the Polygon network, Trump holds a strong lead over Kamala Harris, with his chances pegged at 59.7% versus Harris’ 40.1%.
The rally also coincided with the public sale of the WLFI, the governance token for the Trump family-backed DeFi project World Liberty Financial platform. The debut of WLFI, through a public offering, has boosted the visibility of political-themed tokens, drawing attention from both the crypto community and Trump’s supporters.
Political-themed meme coins like MAGA Hat and Dark MAGA often gain traction around election cycles, only to lose relevance after the event concludes. Traders often refer to these tokens as “event coins,” as their value tends to fluctuate based on the timing of political milestones.
While these coins may witness short-term gains tied to the ongoing election season, their long-term viability remains uncertain.
That said, if Bitcoin (BTC) makes a notable move, there’s a good chance these meme coins could catch another wave. After all, meme coins have a track record of thriving when Bitcoin is on a bull run, and this time might not be any different.
