KEYTAKEAWAYS
- Trump-themed tokens like MAGA (TRUMP) and MAGA (MAGA) experienced significant price swings following the reported assassination attempt.
- PoliFi tokens are highly sensitive to political news and election developments, requiring investors to closely monitor media coverage.
- Industry experts debate the long-term viability of these tokens, with some seeing potential for growth comparable to established memecoins like DOGE or SHIB.
CONTENT
Trump-themed PoliFi tokens surge after assassination attempt, dominating the memecoin sector and fluctuating with political events.
Following the assassination attempt on Donald Trump, the crypto market witnessed substantial fluctuations in Trump-themed virtual assets, primarily tokens and NFTs. Within 30 minutes of the reported shooting incident, MAGA (TRUMP) surged over 40%, while MAGA (MAGA) rose more than 35%. Prices for both major tokens have retreated, but a new wave of tokens has emerged, such as FJB (FJB), which saw a 56.26% intraday increase.
As part of the memecoin narrative, PoliFi token prices more noticeably fluctuate with U.S. election developments and news events related to candidates like Trump. Industry insiders have shared their views on whether these tokens could replace more common memecoins as mainstream options.
>>> Read more:
-
Trump to Address Bitcoin 2024 Conference, Bolstering Crypto Credentials
-
Trump Trade 2.0: How the 2024 US Election Could Shake Up Global Markets
TOP 10 POLIFI TOKENS ARE TRUMP-THEMED
(source: CoinMarketCap)
As of July 17, the top 10 PoliFi tokens by market cap on CoinMarketCap are: MAGA (TRUMP), MAGA (MAGA), Super Trump Coin (STRUMP), MAGA VP (MVP), Baby Trump (BSC) (BABY TRUMP), BABYTRUMP (BABYTRUMP), Make America Based Again (MABA), FIGHT (FIGHT), Doland Tremp (TREMP), and Maga Pepe (MAPE).
MAGA (TRUMP) saw a 31.26% increase over 7 days but a 8.15% intraday decline. MAGA (MAGA) rose 10.74% over 7 days but fell 13.88% intraday.
By intraday gains, Maga Pepe (MAPE) rose 95.30%, PEPE (TRUMP) 84.02%, MAGA (PEOPLE) 78.74%, and BIDEN 2024 (BIDEN2024) 27.37%. Trump-themed tokens dominate almost the entire PoliFi token sector.
Concurrently, Trump’s NFT “Trump Digital Trading Cards” Series 1 floor price reached a new high of 933 MATIC (about $502), now at 819.99 MATIC, up 99.53% over 7 days.
(source: NFT Price Floor)
Series 2’s floor price is 121 MATIC.
(source: NFT Price Floor)
>>> Read more: Top 5 Political Memecoins & What is PolitiFi
POLIFI TOKENS FLUCTUATE DRASTICALLY
PoliFi meme tokens blend politics, finance, and community, reflecting price changes during major events involving Trump or other politicians. Andrew Kang, co-founder of Mechanism Capital, stated on X that investing in memecoins is based on the attention economy, with Trump being a news cycle regular due to his U.S. prominence. The bet is on his continued media presence, not just potential electoral victory.
Consequently, these tokens are highly susceptible to news and election progress, requiring investors to closely monitor media coverage of related agendas. For instance, during the first televised debate between Biden and Trump on June 27, memecoins inspired by both candidates experienced significant market price fluctuations. Super Trump Coin (STRUMP), MAGA (TRUMP), MAGA (MAGA), Doland Tremp (TREMP), and Jeo Boden (BODEN) all saw varying degrees of decline.
On June 18, rumors circulated that Trump was launching an official token DJT on Solana. Subsequently, as the operators behind DJT were revealed, the token began to plummet. Dex Screener data showed DJT’s intraday decline reached nearly 66.7%, with its market cap at only about a third of its peak value.
On May 31, following a New York jury’s verdict finding Trump guilty on all 34 counts of falsifying business records, becoming the first U.S. ex-president convicted of a crime, MAGA (TRUMP) sharply dropped before rebounding significantly. FreeTrump (TRUMP) soared 592.5%. Other related coins like MAGA Hat (MAGA), Super Trump (STRUMP), and MAGA VP (MVP) fell between 10% and 25%.
These events underscore the importance of monitoring market news and social media. Users involved in meme investments should react quickly, verify information from multiple sources, and make timely decisions when facing major events.
>>> Read more: Elon Musk and Tech Billionaires: Pro-Trump? A Compilation of Their Tweets
POLIFI TOKENS FUTURE DEVELOPMENT POTENTIAL
Regarding the growth potential of PoliFi tokens, crypto industry professionals and influencers have recently offered diverse opinions. In March, Steven Steele, marketing director for the MAGA project and YouTube talk show host, stated, “My intention is really to have this up there with a DOGE or SHIB, that kind of scale and market cap and popularity.”
“It’s evolved to become this kind of de facto betting market on the election for many investors,” Steele said. “In the meme scene, people want a rabble-rouser, someone exciting and unpredictable, perceived as a total rebel… Trump embodies all of those qualities in the eyes of many.”
Andrew Kang’s view aligns with this. As early as February, Mechanism Capital, led by Kang, had already invested in Trump-themed meme tokens and NFTs.
Kang stated on X:
Mechanism Capital has accumulated its first new positions of 2024. These new positions center around Trump and include Trump related meme coins and NFTs. Prolific usage of Trump sticker packs to start immediately.
Basic Thesis
Meme coins are all about the attention economy and… pic.twitter.com/AXLPMmBs4u
— Andrew Kang (@Rewkang) February 5, 2024
In his opinion, all memecoins carry risks.
Andrew suggests that post-election, if the token experiences significant growth, there might be a “sell the news” effect.
As campaign activities heat up, these memecoins might become a measure of candidates’ popularity. While their volatility is related to the hype surrounding the political figures they track, their growth also profoundly reflects broader market dynamics.
>>> Read more:
▶ Buy Memecoins at Binance
Enjoy up to 20% off on trading fees! Sign up Now!
Looking for the latest scoop and cool insights from CoinRank? Hit up our Twitter and stay in the loop with all our fresh stories!
