Memecoins related to the US election like Dogecoin(DOGE), Make America Great Again(MAGA), Dark MAGA(DMAGA) and others rallied as projections of Donald Trump assuming US Presidency took over. The major news outlet, The New York Times, had first estimated that Donald Trump has a 91% chance of winning, which contributed to a notable increase in the prices of coins such as DOGE, MAGA, and DMAGA, to name a few.
These election focus tokens are drawing interest from both traders and political fans with many who saw the results in key swing states like Michigan, Wisconsin as potentially pivotal.
Trump’s imminent victory(officially un-announced) has further fueled the meme coin market with the much-needed energy highlighting the growing excitement about this election. Investors are closely watching for these coins which have become a barometer of market sentiment during this unpredictable race.
DOGE:
At press time, Dogecoin is changing hands at $0.2047, over 25% uptick in price in the last 24 hours. The recent rally has boosted Deutsche’s market cap to over $30 billion. Moreover, over the last 24 hours, the trading volume has jumped significantly hitting $9.12 billion which is an impressive rise of 219.60%. This spike in both trading volume and price suggests investors have a newfound interest in cryptocurrency, likely driven by Donald Trump’s win.
DMAGA
Dark MAGA has made significant gains currently trading at $0.01453, the token has shown a remarkable increase of 72.91% in just the last 24 hours. With a market capitalization of $13.73 million and a trading volume that has jumped to $14.38 million, the token reflects an impressive rise of over 777.3%.
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This brings the volume to market cap ratio over 24 hours at 104.38% indicating that there is a lot of trading activity as investors are particularly interested in the token. Recently, Elon Musk had recently attended a Donald Trump rally in Pennsylvania and referred to himself as Dark MAGA, this connection to far-right imagery has further boosted interest in the DMAGA token.
MAGA:
The OG meme coin associated with Trump, MAGA (Make America Great Again) has accounted for a significant uptick, now priced at $4.12. After over a 16.40% increase in its market cap, the token has hit $181.5M.
Additionally, its trading volume increased by 177.29%, with $33.98 million in trading volume at press time. This increase in trading volume is indicative of a growing interest from investors fueled by the current US election.
KAMA
At press time, the Kamala Horris token, inspired by the Democratic representative, is struggling amidst the Harris’ impending loss, with a drop of 84.63% over the past 24 hours. The token is now trading at $0.001895 with chances of prices going further down. With its market cap sitting at $1.89 million, showing no growth Harris’s chances of losing the election, as suggested by the New York Times estimate, caused heavy disinterest in the Kamala token.
For now, it seems that all tokens associated with the US election, specifically the ones associated with Donald Trump, have further chances of rallying up.
Note: This is not an endorsement of any memecoins. These assets can be highly volatile and speculative. Always Do Your Own Research (DYOR) and assess the risks before investing.
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