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Trump’s PoliFi memecoins defy the current volatility in the crypto market.
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MAGA Hat, MAGA and TREMP outperformed other top cryptos such as Bitcoin, Ether and Dogecoin.
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The surge in memecoins is due to Trump’s increasing chances of winning the presidential elections.
The low volatility of the crypto market is not affecting tokens linked to Trump’s Political Finance (PoliFi). Trump’s memecoins have surged, fueled by the increasing likelihood of him winning the US elections.
Even as the crypto market struggles, MAGA, MAGA HAT and TREMP tokens based on Solana are seeing double-digit increases.
According to Polymarket’s decentralized prediction platform, Trump’s odds of winning the election have reached a two-month peak. Trump’s odds are 55.5% on Polymarket, compared with Kamala Harris 43.9%.
The crypto community is speculating about the potential impact of the US Presidential election. Analysts such as Eric Balchunas believe a Trump presidency would create a crypto-friendly environment. Kamala Harris, who has expressed support for cryptography, is feared to have a victory that could strengthen the anti-crypto stance of the Democrats.
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The crypto market is currently experiencing a downturn. This is largely due to higher than expected inflation. Bitcoin dropped over 4% on Friday morning, but recovered by the afternoon. Bitcoin’s value at the time of publication was $60,588, a drop of 0.38% in the last 24 hour. Other altcoins, such as Ether (ETH), Dogecoin(DOGE), and others have also seen notable drops of around 6%.
MAGA has surpassed the larger cryptocurrencies with a 10.21% increase in the last 24 hours. The memecoin has seen massive increases of 56% and 59% in the last week and a month. MAGAHAT is not far behind at $0.061142, with gains of 7.79% a day, 37.5% a week and 18.15 a month.
Read Also : Falling USDT Market Dominance Hints At Potential Altcoin Rebound
Doland Tremp, which is currently trading at $0.3793, has the best performance of all the Trump memecoins. The memecoin experienced a 178% increase in a single month and an 81.6% increase in a single week.
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