news.bitcoin.com
As the U.S. election draws closer, the top political meme tokens by market cap have seen a combined $420 million vanish over the past 96 days. Back on June 3, maga (TRUMP), a meme coin themed after the 45th U.S. President, Donald Trump, reigned supreme. Fast forward, and it has lost its crown to constitutiondao (PEOPLE).
Political Meme Coins Bleed Millions
Political finance (politifi) coins have taken a hit over the last three months, despite the looming U.S. election. Data from June 3, 2024, shows that the politifi crypto economy was valued at $875 million.
Since then, a whopping $420 million has disappeared, leaving the current market cap of political meme tokens at $455 million. While that’s still a hefty amount, it’s a mere sliver—exactly 0.07%—of the $600 billion lost from the broader crypto economy since June 3.
Back then, maga (TRUMP) coins were trading at $14.42 each, but today they’ve plunged to $3.04. Constitutiondao (PEOPLE) stood at $0.11 per token in early June and now trades for $0.052.
Maga hat (MAGA) dropped from $0.0004243 to $0.00009719 over the same period. We’ve also seen plenty of shakeups and new politifi tokens hitting the scene, like the meme token jeo (BODEN), which plummeted after President Joe Biden announced he wouldn’t run for reelection in 2024.
Before the announcement on June 3, BODEN was trading at $0.26 but has since dropped to $0.005684. Meanwhile, the crypto asset kamala horris (KAMA) wasn’t even on the radar back then, but today KAMA boasts a $8.95 million market cap.
It’ll be fascinating to see what happens after the Nov. 5, 2024 election with these coins and the politifi communities in the aftermath of the big decision. Amid a flood of hefty donations to select candidates, the explosion of Polymarket bets, and the rise of politifi meme coins, U.S. politics has firmly planted itself at the heart of the crypto scene.
What do you think about the rise of politifi meme coins and the subsequent fall in value as the election draws near? Share your thoughts and opinions about this subject in the comments section below.