The political-themed meme coins known as “PolitiFi tokens” have surged 782.4% on average in 2024, as reported by CoinGecko.
output: Key Takeaways
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Meme coins with political themes, known as “PolitiFi tokens,” surged an average of 782.4% in 2024, according to CoinGecko. The category outperformed the broader meme coin category, which saw an average 90.2% increase year-to-date.
The largest PolitiFi token is ConstitutionDAO (PEOPLE), with a market cap of $385.6 million and a price increase of 494.3% since the beginning of the year.
However, MAGA (TRUMP) soared 1,350.9% in 2024, despite having less than half PEOPLE's market cap at $178.9 million.
Another Trump-related token with a significant performance is MAGA Hat (MAGA), which soared 1,292.1% since its launch in May. It's the third-largest PolitiFi token, with a market cap of $35.5 million.
The PolitiFi category's growth is linked to increased interest in US politics within crypto communities. Tokens often react to political events, such as Trump's Iowa caucus victory and legal issues, and Biden's health concerns and campaign developments.
Some key political events that influenced PolitiFi token prices in 2024 include Trump's Iowa caucus win, his hush money payment verdict, Biden's health issues, and campaign developments. These events triggered substantial price movements across several politically-themed tokens.
Despite outperforming meme coins, PolitiFi tokens only comprise 1.5% of the meme coin market, with a total market cap of $680.8 million compared to the broader category's $45.6 billion.
Some PolitiFi tokens apply transaction fees to support aligned political causes. For instance, MAGA (TRUMP) contributes to Donald Trump's Ethereum wallet and related charities.
Crypto and the US elections
Crypto became a central topic in the US presidential elections after former president Donald Trump expressed support for the industry.
Since May, Trump vowed to end the hostility towards the blockchain industry if elected, adding that he’s “very positive” and “open-minded” towards the companies of this sector.
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