PolitiFi meme coins, such as MAGA and ConstitutionDAO, have seen significant growth of 667% in 2024, reaching a market cap of $592.4 million.
What is PolitiFi
PolitiFi represents a segment of meme coins associated with political themes and figures. According to CoinGecko, as of August 27, 2024, the market cap of this sector is $592.4 million, a seven-fold increase from the start of the year. In comparison, the broader meme coin market, including Dogecoin and Shiba Inu, only saw a 73% increase over the same period.
Key Players in the PolitiFi Market
Among the largest political meme coins, most are related to Donald Trump — MAGA (TRUMP), MAGA HAT (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP). However, the most significant in this segment is ConstitutionDAO (PEOPLE) with a market cap of $334.6 million. This decentralized autonomous organization was created in November 2021 to purchase a first edition of the United States Constitution but lost the auction.
Recent Developments in PolitiFi
The MAGA token surged by 80% when Trump won the Iowa Republican presidential caucuses in January 2024. It also showed a 22% increase when Trump was found guilty of hush money payments and a 41% rise following an assassination attempt during a rally in Pennsylvania. Additionally, Donald Trump launched a new NFT collection called 'America First Collection,' offering 360,000 potential tokens with perks for holders, including a dinner with Trump.
PolitiFi meme coins continue to show significant growth in 2024, despite making up a small fraction of the overall meme coin market. Key players like MAGA and ConstitutionDAO exhibit substantial price jumps, making this sector particularly interesting to watch.
Comments