KEY POINTS
- $TRUMP, $MAGA, $TREMP, and many other Trump-based tokens slumped in the past day
- Democratic coins also bled overnight, including Harris-themed $MAWA
- A new token, TRUMP 47, was the biggest loser Tuesday, bleeding $67% overnight
Politics-themed cryptocurreny memecoins are largely on a downtrend less than a week before the U.S. elections, and tokens based on former President Donald Trump are leading the dip.
Data from CoinGecko showed that as of early Wednesday, many political memecoins slumped overnight, including the majority of the Top 10 tokens.
Trump-Themed Memecoins Lead Slump
Many of the coins in the PolitiFi segment that saw significant dips were themed after Trump, who is commanding a wide lead over Vice President Kamala Harris on the decentralized market prediction platform Polymarket.
Among the tokens that led the day's slump were MAGA (TRUMP), the world's second-largest PolitiFi token in CoinGecko's ranks, which saw a 17.4% dip, and MAGA Hat (MAGA), which declined by over 13%.
Top 4 and Top 5 rankers Doland Tremp (TREMP) and Super Trump (STRUMP) were both down by over 10%, Fight to MAGA (FIGHT) lost 11.4%, and Dark MAGA (DMAGA), which surged in the past week, also didn't survive the beating, shedding nearly 3% overnight.
The biggest loser of the day was TRUMP 47, which shed a staggering 67%. The token is only two days old and suffered a dramatic slump Tuesday.
Democrat-themed coins were also down overnight, as Kamala Horris (KAMA) shed 8.8%, and Jeo Boden (BODEN) lost 3.4%. Another Harris-based token, Kumala Herris (MAWA), decreased by nearly 14% in the past day.
While many PolitiFi tokens bled overnight, many also had a weeklong rally, including MAGA, which surged more than 65% in the last seven days, and TREMP, which climbed by 28.1%.
Trump's Chances Still Much Higher Among Crypto Bettors
Despite the 24-hour decline of many Trump-themed memecoins, the atmosphere different among cryptocurrency users on Polymarket.
Bettors on the popular market prediction platform see the GOP frontrunner with over 66% odds of winning the presidential race over Kamala's 33%. Trump is also in the lead on all swing states being tracked by Polymarket, cementing his popularity among crypto users worldwide.
Outside the crypto space, the race is much tighter, with some polls showing that the battle for the presidency is even in some battleground states, including in key state Pennsylvania.
Other polls indicate that while Trump is ahead of his Democratic counterpart, the figures aren't as wide as those on Polymarket, with one recent survey having Trump in the lead by only 1%.
The Battle for Crypto Voters Ensues
Meanwhile, the battle for the vote of American crypto users continues, with a larger group leaning toward the ex-president, mainly due to his promises to support the industry if he secures the presidency.
Harris has recently been mentioning digital assets but has stopped short of making any promises for the industry.
