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Political Meme Coins: Trump's Influence on Elections Spurs 14% Growth

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2 hours ago

Donald Trump-themed tokens showed significant growth amid rising odds of his re-election in November.

Surge in Meme Coins Amid Elections

Political meme coins like MAGA SHIBA and MAGA DOGE witnessed substantial growth, climbing 207% and 67% respectively, following Trump's increased election odds on Polymarket.

Tokens Amid Market Predictions

Trump's odds of becoming president stood at 56.2% as of 3:40 a.m. Eastern time. His growing odds also led to increasing prices on platforms like Kalshi and PredictIt, showing leads of 52% and 53%, respectively.

Crypto Market Situation

During a broader market downturn, the price of Bitcoin fell below $59K but soon recovered above $60K. Meanwhile, the 'Fear and Greed Index' decreased by 7 points to 32, indicating a 'Fear' level in the market.

The influence of political events and forecasts continues to have a significant impact on crypto assets, leading to fluctuations and volatility in the market.

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