Political-Themed Cryptocurrency Tokens Pump as US Presidential Campaigns Heat Up
- PHPzOriginal
- 2024-08-29 21:24:141095browse
The cryptocurrency market plummeted Tuesday before it started stabilizing Wednesday, but many political-themed tokens were unscathed as presidential
Vice President Kamala Harris and Minnesota Governor Tim Walz campaigned in Georgia on Wednesday, a state that narrowly voted for President Joe Biden in 2020, as new polls showed Harris leading Republican presidential nominee Donald Trump.
A Fox News poll released on Wednesday showed Harris leading Trump by 2 percentage points among likely voters in Georgia, but the results are within the margin of error. The poll also showed Harris leading Trump in three other key Sunbelt states - Arizona, Florida, and North Carolina.
"If that lead holds, she wins Georgia. She wins the presidency of the United States," Fox News noted.
Trump, meanwhile, is set to campaign in Wisconsin, another swing state that also went for Biden in 2020.
The former president will appear at a town hall event in La Crosse, along the Mississippi River, on Thursday night. Observers noted how the town hall transitions largely from the massive, high-energy rallies that Trump is widely known for.
It will also be the first time Trump campaigns in the swing state. Notably, the event will be moderated by ex-Democratic congresswoman Tulsi Gabbard, who was also a 2020 presidential candidate and endorsed Trump earlier this week.
The polls and campaign trails come as Harris closes the gap between Biden and Trump before the U.S. president stepped down from the race. Several political memecoins are also rallying in the markets.
Nearly all political memecoins increased over the last 24 hours, including Harris-based Kamala Horris (KAMA), which saw a 14.2% spike. The coin has been on a 26.3% rally in the past seven days, as per CoinGecko data.
On the other hand, Trump-themed tokens didn't let the news of Harris' lead affect their rallies, as multiple altcoins based on the ex-president were also on a significant climb in the past day.
Jeo Boden (BODEN), a parody coin based on the incumbent president, was also on a roll, as it climbed by over 12% in the past day and has been up by over 16% in the past week.
The ever-popular MAGA (TRUMP) coin increased by 4.6% in the last day, backed by a 12% rally throughout the last week. In the backdrop of a 35% spike in the last seven days, the MAGA HAT (MAGA) token climbed 7.4% in the past 24 hours.
Super Trump (STRUMP) saw a week-long spike of 15.1%, while Fight to MAGA (FIGHT) logged a 13.3% increase all week, and Dark MAGA (DMAGA) was up by 2.0% in the past day following a 9.8% week-long increase.
The largest gainers throughout the past week were Pepe Trump (PTRUMP), which was up by 70.7%, and Trump Mania (TMANIA), which logged a staggering 160.8% spike in the last seven days.
The surge in Trump-themed memecoins may also be linked to hype around his sons' DeFi project, which has been rebranded from "The DeFiant Ones" to "World Liberty Financial."
This isn't the first time PolitiFi memecoins pumped, reacting to the activity around the 2024 presidential campaigns.
Last week, three Trump-based tokens were the only political memecoins that rallied as other coins plunged. Pepe Trump had a stellar week-long rally at the time, logging a whopping 9,938% increase.
In July, following Biden's endorsement of Harris, the KAMA token skyrocketed by over 106% after logging a 276% increase in the week leading to Biden's withdrawal from the presidential race.
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