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Trump's victory shakes up the political meme market

Trump's victory shakes up the political meme market
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In the wake of Donald Trump's victory in the U.S. presidential elections, the cryptocurrency market witnessed a rapid surge: the price of Bitcoin (BTC) hit a new all-time high of $76,000. Concurrently, political meme coins, known as PolitiFi, also saw significant price increases. Within a 24-hour period, trading volume skyrocketed to $919 million. However, the market capitalization dropped by 16.2%, now standing at $541 million.

The tokens most affected by this growth were those associated with Trump, while the coins linked to Kamala Harris experienced a notable decline in value.

Particularly remarkable was the MAGA (TRUMP) token, whose trading volume surpassed $61 million (+426.02%), and its price surged by 55% before settling at $1.85.

In contrast, Kamala Harris's token, Kamala Horris (KAMA), plummeted by 92%, dropping to a value of $0.0008207.

On U.S. election day, 26,835 new tokens were created, many of which have political themes. Despite the volatility, representatives from the crypto industry predict that meme coins will continue to be a dominant force in the crypto market even by 2025.

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