Meme coins themed around former U.S. President Donald Trump are experiencing substantial gains as his odds of winning the 2024 election increase. This surge is part of a wider interest in political-themed tokens.
Token Value Rise
Trump-themed coins like MAGA Hat, Super Trump, and Doland Tremp have sharply increased in market valuation. MAGA Hat rose by 23.8%, reaching $68.7 million. Super Trump climbed by 31.9%, while Doland Tremp's market cap rose by 20.4% to $36.1 million.
Impact of Political Climate
The rise in these tokens' popularity is linked to Trump's increasing election odds for 2024. According to Polymarket, his chances are pegged at 59.7% compared to Kamala Harris' 40.1%. Furthermore, the launch of the Trump-endorsed WLFI token has drawn attention to political-themed tokens.
Future Prospects of Tokens
Meme coins often gain traction around political events but may lose relevance afterward. Their long-term future is uncertain, especially given their value may depend on Bitcoin's movements.
Political-themed tokens like those related to Trump show short-term gains, but their long-term sustainability remains in question. Attention to such tokens may resurface with changes in the crypto market landscape.