As a seasoned crypto investor with a knack for recognizing trends and understanding market dynamics, I find the recent surge of PolitiFi coins intriguing. Having been through numerous market cycles, I can attest that these tokens, inspired by political figures and events, indeed outperform their meme coin counterparts in terms of growth during election years.
A recently published research report titled “PolitiFi coins” by CoinGecko, dated August 27, has revealed its findings.
During the timeframe of January 1 to August 25, 2024, it was observed that PolitiFi tokens exhibited a remarkable increase of approximately 782.4%, whereas meme coins experienced a growth of roughly 90% over the same duration.
In simpler terms, the company categorized PolitiFi tokens as a type of meme coin that gets its inspiration from political figures or incidents.
Yet, it’s important to note that most of these depictions are meant as satire and do not represent any formal ties with political figures.
PolitiFi Action in Election Year
According to the study, the PolitFi industry held approximately 1.5% of the meme coin market by August 25, 2024.
It listed the top three PolitiFi coins, noting that ConstitutionDAO (PEOPLE) was the largest, with a $385.6 million market cap, which has been up 494.3% since January 2024.
ConstitutionDAO first came into existence in November 2021 with the aim of gathering funds to acquire an authentic U.S. Constitution artifact. Regrettably, this collective endeavor ultimately ceased operations.
In a straightforward manner, the MAGA stock themed around Donald Trump ranked second in size, boasting a market capitalization of approximately $178.9 million. This value represents an impressive increase of over 1,350.9% from its starting point in January 2024.
This coin experiences a surge whenever a presidential candidate is featured prominently in the news, with the latest instance being the assassination attempt, which led to a 66% increase for TRUMP.
Furthermore, I found that this project channels its earnings towards Donald Trump’s personal Ethereum account and associated charitable organizations, as per the documentation provided.
As a researcher, I’ve discovered an intriguing correlation between the price fluctuations of PolitiFi tokens and major political events. These events seem to exert a substantial influence on their value, often causing significant shifts. For instance, I’ve observed similar patterns with tokens like BODEN and KAMA, where sudden surges or drops in value (pumps and dumps) appear to be linked to specific political developments.
How did PolitiFi coins perform against meme coins?
The findings of our research indicate a significant increase in the PolitiFI coin classification, jumping an impressive 782.4% between January 1 and August 25, 2024. This growth surpassed that of the overall meme coins category, which experienced a rise of 90.2% during the same timeframe.
Read the full study:…
— CoinGecko (@coingecko) August 27, 2024
The attention on PolitFi tokens may continue to be high until the U.S. Presidential Election in November, as this event could determine the fate of several of these tokens.
Meme Coin Ecosystem Outlook
Generally speaking, meme coins tend to be extremely unpredictable and are mainly employed for speculative purposes, as most of these projects lack significant real-world applications.
Currently, the combined value of all meme coins stands at approximately $41 billion, after a 7% decline over the last day. This figure equates to roughly 1.9% of the overall cryptocurrency market capitalization.
In today’s market downturn, several investors are feeling the pinch as Dogecoin (DOGE) and Shiba Inu (SHIB) each dropped approximately 6.6%.
Over the past day, I’ve noticed significant drops in the value of some altcoins like Pepe (PEPE), Dogwhatever (WIF), and Book of Meme (BOME).
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2024-09-01 16:29