TL;DR
- Dogecoin, Shiba Inu, Floki Inu, and many more meme coins saw impressive gains as the first results of the presidential elections in the United States of America stirred excitement among investors.
- Kamala Harris will most likely lose the contest, with one token related to her registering an over 90% price decline in a matter of 24 hours.
The Trump Effect
The past 24 hours have been highly successful for the cryptocurrency sector, with its global market capitalization rising by 7% to approximately $2.6 trillion (per CoinGecko’s data).
Perhaps the most obvious reason fueling the rally is Donald Trump’s increased odds to win the US presidential elections. The Republican, who presented himself as a firm supporter of the digital asset industry during his campaign, has reportedly secured viral victories in swing states like Pennsylvania, North Carolina, and Georgia. According to Polymarket, his chances of entering the White House as a winner have surpassed 99%.
Some of the top-performing cryptocurrencies following the news of his massive lead include Bitcoin (BTC), which hit a new all-time high of over $75,000, and Solana (SOL), which exploded to a six-month peak of approximately $186.
The meme coin niche is also full of notable gainers. The largest in terms of market cap – Dogecoin (DOGE) – exceeded $0.21, a level last observed in April this year. Its biggest rival – Shiba Inu (SHIB) – is up 9.5% daily, while Pepe (PEPE), Bonk Inu (BONK), Popcat (POPCAT), Floki Inu (FLOKI), and many more have charted double-digit increases.
What About PolitiFy Memes?
Somewhat expected, meme coins related to the presidential candidates have experienced enhanced volatility, too. Those connected to the Republican, such as MAGA (TRUMP), Donald Tremp (TREMP), Dark Maga (MAGA), and MAGA Again (MAGAA) have recorded substantial gains.
Conversely, Harris-themed memes, including Kamala Horris (KAMA) and Kamabla (KAMABLA), are among the market’s poorest performers.
The official results of the elections have yet to be released, and it will be interesting to see whether they will trigger additional price swings for the aforementioned tokens.
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