U.S Elections put spotlight on political memecoins – How high can they go?

• Political parody memecoins like MAGA, STRUMP, and Kumala Herris have gained traction amid the U.S. presidential elections
• A Trump or Harris win could potentially impact their themed tokens’ values dramatically

Memecoins have found themselves under a surprising spotlight in the U.S. presidential elections, with political tokens like MAGA, STRUMP, Jeo Budden, and Kumala Herris gaining traction. These tokens are capitalizing on election sentiment, with interest growing in response to political events.

While the success of individual tokens may be influenced by the election results, the broader memecoin sector still has significant growth potential.

Rise of political parody memecoins and their performances

Political parody tokens have emerged as a unique reflection of voter sentiment. According to data from CoinMarketCap, many Donald Trump-themed memecoins have gained attention and activity. At press time, the MAGA (TRUMP) memecoin led with the largest market cap among election-related tokens. 

Over the last seven days, MAGA (TRUMP) hiked by 35%, while MAGA (MAGA) surged by 100%. TRUMP also held a market capitalization of over $193 million, with MAGA following close behind at around $111 million.

On the contrary, the parody tokens associated with Vice President Kamala Harris have not seen the same level of interest. Data revealed that these tokens, including Kumala Herris (MAWA) and Kamala Horris (KAMA), had market caps below $5 million at the time of writing. This sector included MAWA with $4.6 million and KAMA at around $3.3 million.

Possible trends after elections

Based on the prevailing trends, a Trump victory would likely send his related memecoins surging as investors react to the news. This boost would likely be driven by sentiment rather than sustained interest, followed by a correction after the initial excitement fades. 

Conversely, if Vice President Kamala Harris wins, her related tokens might see a spike in value. As with Trump-themed tokens, however, this hike would likely be short-lived, followed by a period of decline once election fervor subsides.

Broader memecoin market trends

Despite the buzz surrounding these political tokens, the wider memecoin market has maintained a steady upward trend, recently hitting a market cap of approximately $68.5 billion.

Tokens like Goatseus Maximus (GOATS) have been primary drivers of this growth, recording considerable gains in recent days.

Source: CoinMarketCap

The top memecoins, however, remain unaffected by political parody tokens, with no election-themed tokens currently ranking in the top 20.

This means that while election sentiment may have impacted individual tokens, its overall influence on the memecoin market cap has remained minimal.