The post PolitiFi Memecoins Suffer 90% Market Cap Collapse Amidst Declining Interest appeared on BitcoinEthereumNews.com.

PolitiFi Memecoins Suffer 90% Market Cap Collapse: Political-themed memecoins, collectively known as PolitiFi, have experienced a sharp collapse in market capitalization, plummeting nearly 90% from a peak of $1.25 billion in June to under $170 million, according to a recent report from Blockworks. The once-popular tokens, such as MAGA (TRUMP), Doland Tremp (TREMP), and Jeo Boden (BODEN), have struggled to maintain their momentum, with interest waning despite significant political events. Major Decline in PolitiFi Market 1. Peak to Plummet: PolitiFi tokens saw a rapid rise earlier in 2024, reaching a combined market cap of $1.25 billion at their peak. However, by September, the market cap had collapsed to under $170 million, representing a 90% loss. This drastic drop reflects declining interest and new investor participation in political-themed cryptocurrencies. 2. MAGA (TRUMP) Token: Among the hardest-hit tokens is MAGA (TRUMP), a memecoin inspired by former U.S. President Donald Trump. MAGA (TRUMP) has seen its value nosedive from a high of $17.51 in June to just $2.25, losing 90% of its market value. The token’s steep decline signals a broader trend across the PolitiFi space. 3. Doland Tremp (TREMP) and Jeo Boden (BODEN): Other tokens, such as Doland Tremp (TREMP) and Jeo Boden (BODEN), have similarly struggled. The general decline in prices across PolitiFi memecoins suggests that the initial hype surrounding politically themed digital assets has failed to sustain itself in the face of a challenging market environment. Factors Behind the Collapse 1. Lack of Sustained Interest: Despite significant political events in recent months, PolitiFi tokens have failed to attract new holders. The novelty of these memecoins may have worn off, with fewer traders and investors finding value in the tokens. The market’s inability to sustain momentum has resulted in sharp declines in market capitalization and trading volume. 2. Speculative Nature: Like…

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Filed under: News - @ September 15, 2024 3:16 am