Cryptocurrency markets are particularly volatile on U.S. election day, with political-themed meme coins and prediction markets seeing significant volumes.
Cryptocurrency markets are particularly volatile on U.S. election day, with political-themed meme coins and prediction markets seeing significant volumes. To date, the decentralized prediction market Polymarket has seen over $3 billion in election-related trading volume as voters decide between former President Donald Trump and Vice President Kamala Harris.
Trump-themed tokens have seen major gains. MAGA, the largest politically-themed token with a $196 million market cap, gained 33% over the past 24 hours after Trump's odds of winning increased. Department Of Government Efficiency (DOGE), a meme coin inspired by Elon Musk’s support for Trump, rallied significantly by 91% over the past 24 hours, pushing its market cap above $77 million.
On the Democratic side, Kamala Horris (KAMA) dropped by a staggering 86% over the past 24 hours as Kamala Harris’s odds of winning dropped. Interestingly enough, a previously popular Jeo Boden (BODEN) token gained 11% despite President Biden withdrawing from the race.
But that's not all for the impacts of the election on cryptocurrency markets: traders say Bitcoin's price may jump as high as 3.5% on election night. In the lead-up, trading platforms are recording activity not seen in years, with over 40 new tokens related to Trump launching on Ethereum and more than 1,000 going live on Solana in under 24 hours.
Among major cryptocurrencies, Dogecoin leads the gains with a 31% jump to $0.21, followed by Bitcoin’s 8% gain to new all-time highs.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
