PolitiFi wind in Memecoins: These projects are much talked about
Political Finance (PolitiFi) tokens like MAGA (TRUMP) and ConstitutionDAO (PEOPLE) were the biggest gainers this year, with a market value increase of 667% by 2024.
According to CoinGecko data, as of August 27, the market value of PolitiFi, a memecoin in the PolitiFi category, reached $592.4 million. The most popular memecoins in the PolitiFi category are MAGA (TRUMP), MAGA HAT (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP), respectively.
PEOPLE and MAGA are making their mark on the PolitiFi category
Data shows that ConstitutionDAO (PEOPLE) currently surpasses other PolitiFi coins with a market cap of $334.6 million.
MAGA (TRUMP) ranks as the second largest PolitiFi coin with a market value of 149.7 million dollars. The name MAGA is inspired by the slogan ‘Make America Great Again’ coined by US President Donald Trump, but it is not directly associated with Donald Trump.
CoinGecko Research Analyst Shaun Paul Lee emphasized in a research note dated August 27 that, like other PolitFi tokens, its price is closely related to significant political events that can significantly impact their values.
MAGA, almost 80 percent increased on the day Trump won a decisive victory in the 2024 Iowa Republican presidential primaries in Turkish. The meme coin faced 34 charges, causing a 22 percent increase after an assassination attempt during a rally in Pennsylvania and a 41 percent increase. The US presidential election, which will be held in November, may directly affect the price of meme coins in this category.
This article does not contain investment advice or recommendations. Every investment and trading action involves risk, and readers should conduct their own research when making decisions.
