Political Meme Tokens Surge: This Week's (Un)Usual Market Activity
- WBOYOriginal
- 2024-09-06 18:38:241011browse
This week, political meme tokens gained significant traction, largely fueled by RFK's endorsement of Donald Trump and the arrest of Telegram's CEO.
Political meme tokens have seen a surge in interest this week, largely fueled by Robert F. Kennedy’s endorsement of Donald Trump and the arrest of Telegram’s CEO.
Among these tokens, ConstitutionDAO’s PEOPLE has gained the most traction, with a market cap surging to $327 million, leading the political meme coin movement.
"This week, political meme tokens gained significant traction, largely fueled by RFK’s endorsement of Donald Trump and the arrest of Telegram’s CEO.
The most notable among them is ConstitutionDAO’s PEOPLE token, which has surged to a market cap of $327 million, leading the political meme coin movement.
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As the anticipation builds for the upcoming debate between Donald Trump and Kamala Harris on September 10, tokens tied to the political figures—$TRUMP, $MAGA, and $HARRIS—have seen varied trading activity by Smart Dex Traders (SDT) and Smart Money (SM).
Here’s a brief analysis of each token’s movement:
$TRUMP Token Analysis: Over the past seven days, Smart Money has offloaded $38.4K worth of $TRUMP, signaling caution from larger investors. However, in the last two days, SDT has demonstrated confidence, buying more than $100K worth of the token in anticipation of the upcoming debate, suggesting bullish sentiment.
$MAGA Token Analysis: The $MAGA token has faced significant selling pressure, with Smart Money liquidating over 70% of their holdings in the past week. Meanwhile, SDT has reduced their balance by 2%, reflecting a slight pullback in interest but not a complete sell-off.
$HARRIS Token Analysis: The $HARRIS token has also seen considerable movement. Smart Money sold off over 60% of their holdings following a recent price increase. Conversely, SDT has been increasing their exposure, with balances rising by 15.4%, indicating optimism about Harris’ upcoming performance in the debate.
As the political landscape continues to influence the crypto space, these meme tokens are likely to experience further volatility in the lead-up to the September 10 debate.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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