Trump Memecoins Thrive Ahead of Election, Defying Market Trends
The post Trump Memecoins Thrive Ahead of Election, Defying Market Trends appeared on BitcoinEthereumNews.com.
Trump-themed PoliFi memecoins are defying the current volatility of the broader crypto market. MAGA, MAGA HAT, and TREMP have outperformed top cryptos like Bitcoin, Ether, and Dogecoin. The memecoins’ surge is driven by Trump’s increasing odds of winning the presidential election. Trump-linked Political Finance (PoliFi) tokens are bucking the crypto market’s low volatility. Trump’s memecoins are surging, fueled by his increasing chances of winning the US election. MAGA, MAGA HAT, and Solana-based TREMP tokens are seeing double-digit gains, even as the broader crypto market struggles. On Polymarket, Trump’s election odds hit a two-month high, according to the decentralized prediction market platform. Trump’s odds on Polymarket are at 55.5%, compared to Kamala Harris’s 43.9%. With the US Presidential election approaching, the crypto community is speculating on its potential impact. Analysts like Eric Balchunas suggest a Trump presidency could create a more crypto-friendly environment. Although Kamala Harris has voiced support for crypto, some fear her victory could reinforce the Democrats’ anti-crypto stance. Read also : GOTBIT’s Market Manipulation Charges Cast Shadow Over Crypto Markets The crypto market is currently in a downturn, largely driven by higher-than-expected inflation. Bitcoin dipped over 4% on Thursday but recovered in the morning hours of Friday. At press time, Bitcoin is valued at $60,588, down 0.38% over the last 24 hours. Other prominent altcoins like Ether (ETH) and Dogecoin (DOGE) have also experienced notable dips of around 6%. Overpowering the larger cryptocurrencies, MAGA has marked a 10.21% surge over the last day. The memecoin showed massive hikes of 56% and 59% over the last week and month, respectively. MAGAHAT, trading at $0.061142, is also not far behind, with surges of 7.79% in a day, 37.5% in a week, and 18.15% in a month. Read also : Falling USDT Dominance Hints at Potential Altcoin Market Rebound At the…
Filed under: News - @ October 11, 2024 10:20 am