PolitiFi Coins Pump 782.4% Year to Date, Outperforming Broader Meme Coins Category

PolitiFi coins pumped 782.4% year to date, outperforming the broader meme coins category, which rose by 90.2% in the same period.

PolitiFi coins, also known as politics finance, have seen a massive surge in 2024, outpacing the broader memecoin market by a significant margin. According to CoinGecko, PolitiFi coins have seen an impressive growth of 782.4% year to date, compared to the broader meme coins category, which grew by 90.2% in the same period.

This rapid growth is fueled by the increasing attention to US politics in the crypto space. PolitiFi coins, which are typically memecoins that are affiliated with a particular political movement or figure, are designed to capitalize on this attention and ride the wave of political enthusiasm among crypto enthusiasts.

As of August 25, PolitiFi coins are valued at $680.8 million, which still only comprises a small portion of the overall memecoin market. With a market cap of $45.6 billion, PolitiFi coins account for just 1.5% of the total.

Back in June 16, PolitiFi coins had an aggregate market capitalization of $1.6B, which constituted 3.3% of memecoins.

The statistics were provided by CoinGecko in its latest report, highlighting the changing dynamics of the memecoin market and the emerging role of PolitiFi coins in this landscape.

ConstitutionDAO (PEOPLE) Leads PolitiFi Coins with $385M Market Cap

Among the various PolitiFi coins, ConstitutionDAO (PEOPLE) currently holds the top position with a market capitalization of $385,660,105. Since the beginning of the year, this coin has seen a significant rise from its initial value of $64.9 million, surging by 494.3%.

ConstitutionDAO was initially launched in early November 2021 with the aim of purchasing an original copy of the U.S. Constitution at a Sotheby's auction. However, the effort ultimately failed as another bidder, ultimately revealed to be hedge fund billionaire Ken Griffin, won the auction with a bid of $43.2 million.

Following this setback, ConstitutionDAO was disbanded and its members voted to return the funds to their original donors. Despite being shut down, the coin still remains in the second position within the PolitiFi market.

The second largest PolitiFi coin is MAGA ($TRUMP) with a market capitalization of $178,946,608, also showing an impressive rise from the initial market cap of $12,281,340 recorded as of January 2024. This particular crypto reached its all-time high of $789.8 million on 1st June when Donald Trump was charged with hush-money payments. After that, MAGA ($TRUMP) increased by, 22.3% to achieve its highest point.

MAGA Hat Surges 1,292%, Reaches $35.5M Market Value

The third largest PolitiFi coin is MAGA Hat ($MAGA) which has a market value of $35.5 ml. Since its launch in May 2024, it has grown by 1,292.1% from the initial market cap of $2.6 million, reaching as high as $232,400,000 on 29th May at its all-time high.

An increase in the population of PolitiFi coins is due to increased attention to the politics of the United States in the cryptosystem. The significant fluctuations in their values reflect the strong impact of political developments on their performance. Some of these coins are made for keeping it as a meme while others use the earnings from it to fund political agendas.

Since PolitiFi coins rely closely on political events, specific events such as Trump’s election win and legal battles, dramatically affected the value of the PolitiFi coins.

As political events continue to influence the market, PolitiFi coins are expected to remain a turbulent yet exciting territory for both investors and political enthusiasts.

The above is the detailed content of PolitiFi Coins Pump 782.4% Year to Date, Outperforming Broader Meme Coins Category. For more information, please follow other related articles on the PHP Chinese website!