Trump coins are at the center of attention in the cryptocurrency markets. As the U.S. elections are approaching, strong gains are seen in Trump-linked coins.
These are called PolitiFi coins, tokens that theme political figures or events.
While the outcome of the elections is likely to affect multiple markets (equities, bonds, futures, etc.), crypto traders will attempt to capitalize on the anticipated volatility in PolitiFi coins.
Below are some of the Trump coins that bounced in the past 24 hours.
1. MAGA ($TRUMP)
Make America Great Again (MAGA) is one of Donald Trump’s famous quotes in the prior general elections. $TRUMP is available on Solana and Ethereum. Most trading volumes occur on Uniswap (DEX) and MEXC (CEX).
source: CMC
In the past 24 hours, $TRUMP gained 24%.
2. MAGA ($MAGA)
Although the coin’s name may be similar to the above, it is a completely different cryptocurrency. $MAGA is only available on the Ethereum chain.
The coin is available on Uniswap and centralized exchanges (unavailable on Binance and Coinbase).
source: CMC
In the past 24 hours, $MAGA gained 15%.
3. Trump Coin ($DJT)
The Trump Coin sprang back to life in the past 24 hours. It was launched on Solana (SOL). Unlike the prior cryptocurrencies, most trading volumes occur on Radiuym, a decentralized exchange for SOL-based coins.
source: CMC
In the past 24 hours, $DJT gained over 72%.
Traders are watching Polymarket
Crypto traders are paying great attention to Polymarket, the biggest blockchain-based predictions market. According to Ploymarket, Trump is increasing its lead on Harris (the lead can increase or decrease at any given time).
Trading volumes for the elections have already exceeded $3 billion. While it is the leading prediction market, it is worth noting that new prediction markets are surfacing.
source: Polymarket US Elections
When Trump rises on Polymarket, Trump coins may trade higher. When Harris catches up, Trump coins may decline.
While crypto enthusiasts may not trust the traditional polls and believe Polymarket is more trustworthy, predictions can be manipulated.
The best example of this was the Brexit referendum. Extraordinary bets were placed on Britain’s remaining in the EU (traditional betting sites) to influence voters. As a result, the odds of Britain remaining in the EU were high, while the odds of ‘YES’ for Brexit decreased.
Political betting over the U.S. elections may attempt to do the same but may not necessarily project the outcome of the elections.
Nevertheless, traders’ goal at the end of the day is to profit from the volatility. In the event Trump loses the elections, Trump-linked tokens may tumble. If Trump wins, the tokens’ prices may snap higher.
Besides Polymarket, which may give a pulse check to the market sentiment, the exit polls and the live results may inject significant volatility into these coins.
