PolitiFi Tokens Surge 782.4% in 2024, Surpassing Meme Coins

PolitiFi tokens have surged 782.4% in 2024, significantly outperforming meme coins. Learn about the top performers and key events driving this trend.

PolitiFi tokens have outperformed meme coins in 2024, surging 782.4% year-to-date.

The PolitiFi (Political Finance) coins category has outperformed meme coins, rising 782.4% between January 1 and August 25, 2024. Meanwhile, the broader meme coin category rose 90.2% during the same period.

While the PolitiFi category has outperformed meme coins, it is still dwarfed by the latter. As of August 25, the PolitiFi sector had a 1.5% market share of the meme coin category, with a $680.8 million market cap versus $45.6 billion. At its peak on June 16, PolitiFi encompassed 3.3% of the meme coin sector, with a market cap of $1.6 billion.

The largest PolitiFi coin is ConstitutionDAO (PEOPLE), with a market cap of $385.6 million. Since the start of the year, it has risen 494.3%, from $64.9 million to $385.6 million.

ConstitutionDAO was initially created in November 2021 to raise funds to purchase an original copy of the United States Constitution. However, it lost to a bid of $43.2 million and was eventually disbanded, with refunds being issued to contributors. Despite being defunct, it has managed to maintain its lead over the PolitiFi scene.

MAGA (TRUMP) is the second largest PolitiFi coin, with a market cap of $178.9 million, a gain of 1,350.9% from the start of 2024. On January 1, its market cap stood at $12.3 million. However, this is a far cry from its all-time high of $789.8 million on June 1. Interestingly, this coincided with Donald Trump being found guilty of 34 counts of hush money payments. With the verdict out, MAGA rose by 22.3% to reach its all-time high.

MAGA Hat (MAGA) is the third largest PolitiFi coin, with a market value of $35.5 million. Since its inception in May 2024, it has grown 1,292.1%, rising from $2.6 million. It hit an all-time high of $232.4 million on May 29, having a similar price action to TRUMP.

Growing interest in the US political scene amongst crypto communities has led to the creation of many PolitiFi tokens. While the majority are created for satire purposes, some have applied transaction fees to support the project and political causes it aligns with. One example would be MAGA, which uses its revenue to directly contribute to Donald Trump’s Ethereum wallet and aligned charities.

The price action of PolitiFi tokens is closely linked to political events, where developments can significantly impact their value. Some events that have affected the PolitiFi category throughout 2024 include:

January 6 Capitol Riot Anniversary: PolitiFi tokens, particularly MAGA (TRUMP), saw a surge in interest during the anniversary of the January 6 Capitol Riot. Supporters of Donald Trump flocked to purchase the token, driving its price up by 66.7% on January 6.

Trump Guilty Verdict: Following the verdict on Donald Trump being found guilty of 34 counts of hush money payments, PolitiFi tokens experienced a mixed reaction. While MAGA (TRUMP) rose by 22.3% to reach its all-time high, other tokens, such as NEVERTRUMP (NEVERTRUMP), saw a decline.

PolitiFi Coins: A Deep Dive into the World of Political Crypto

PolitiFi coins are a recent phenomenon in the cryptocurrency world, emerging as a unique intersection of politics and digital finance. These tokens, often created and traded on decentralized exchanges, derive their inspiration from political figures, movements, or events, and their value is primarily driven by speculation and community interest.

While some PolitiFi coins may align themselves with specific candidates or causes, using transaction fees to support them, the majority are created for satire purposes, offering a lighthearted commentary on the political landscape.

The decentralized nature of PolitiFi coins allows for a wider range of expression compared to traditional markets, where regulations and sensitivities might limit the creation of such tokens. However, it's important to note that these coins are not officially endorsed or affiliated with any politicians, and their value is purely speculative and driven by community interest.

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