The uncertainty surrounding the US elections has caused a significant drop in prices for political themed tokens. MAGA Coins (TRUMP) as well as Super Trump Coins (STRUMP), have seen marked declines.
According to Polymarket’s predictions, Donald Trump has a 61.5% probability of winning. However, this could have varying effects on the crypto-landscape, creating both challenges and opportunities for digital assets.
The crypto market is at a crossroads
Two distinct scenarios are possible for the cryptocurrency market based on the outcome of 2024’s US elections.
Polymarket’s current predictions give the former president Donald Trump 61% of a victory. Kamala Harris trails at 39%.
Bernstein analysts predict that a Trump victory could result in a boom for the market, and especially Bitcoin. The analyst’s estimate is $80,000 to $90,000 within 2 months.
Bitcoin could be boosted by Trump’s crypto-friendly stance, according to analysts.
A win by Harris, on the other hand could lead to increased regulation, which would potentially push Bitcoin’s price down below $50,000.
The regulatory environment may hinder crypto gains in the short-term, but it could also strengthen institutional trust over time. Some investors view regulation as stabilizing.
Bitcoin’s current trading value is $68,827. This reflects its resilience, despite increased influence from the elections.
Even with short-term drops due to regulator pressures, the growing institutional interest in Bitcoin ETFs continues to give a positive outlook on the long run.
Crypto markets are likely to be influenced by the outcome of this election in one of two directions.
MAGA Coin (TRUMP) declines despite Trump’s projected win
MAGA Coin (a popular Trump meme coin with the ticker TRUMP) is experiencing a decline, probably due to election volatility and shifting sentiment.
TRUMP, which is ranked 268 in the cryptocurrency market by capitalization, has dropped 9.97% over the last day. Its value now stands at $3.47.
Market cap for the coin is $152.48 millions, down 10.02 percent, and trading volume was $11.92million over the past 24 hours. This represents a 27.41% increase.
The MAGA Coin market has been impacted by the uncertainty surrounding elections.
Price fluctuations for the tokens are a result of a low of $3.22 in 24 hours and a maximum of $3.88.
TRUMP’s coin has fallen by 80.21% since its peak of $17.52 reached in June 2024.
Long-term investors may find comfort in TRUMP’s spectacular rise since its all-time-low of $0.007792 on August 20, 2023. This represents a 44.406,94% gain over the last year.
Super Trump Coin, another coin with a Trump theme is released
Super Trump Coins (STRUMP), like MAGA Coins, have seen a notable drop in value.
The coin currently ranks 984 with a $0.00619 price, which is down by 21.67% over the past 24 hours.
STRUMP’s market capitalization of $11.37million has also dropped by 21.67%. Its 24-hour trading volume, however, has soared by 339.22% and reached $5.77million.
The high volume of trading in a market that is declining suggests increased selling pressure from investors as they react to political uncertainty.
Supply dynamics of the coin include 2,34 billion total STRUMPs and 1,84 billion in circulation.
STRUMP’s price range for the past day was $0.005852 at its lowest and $0.008535 at its highest.
STRUMP is up 1,701.74% since its low point of $0.0003417 in early this year. It has dropped 80.58% from its high $0.03169 of March 2024.
The election outcome, with Bitcoin remaining steady, and investors closely watching, could be the deciding factor for the performance of digital assets over the next few months. This shows the close connection between crypto and politics.
The post MAGA and STRUMP coin decline; Crypto market at a crossroads on US Election Day may be updated as new developments unfold.
