Election Day Sparks Crypto Market Activity, Bitcoin (BTC) Hits New All-Time High

The crypto market became more active on Election Day. Bitcoin (BTC) prices officially hit a new all-time high amid investor anticipation of Donald Trump

Election Day saw a surge in crypto market activity. Bitcoin (BTC) prices officially reached a new all-time high as investors anticipated Donald Trump's victory in the US presidential election. Interestingly, the prices of political meme coins also saw drastic movements.

The market capitalization and trading volume of political meme coins both saw significant increases on Election Day.

Trump-Themed Meme Coins Outperform

According to CoinMarketCap, the market capitalization of political meme coins surpassed $640 million, showing an increase of nearly 17% in a day. Furthermore, the 24-hour trading volume of these meme coins reached over $400 million, indicating a rise of 87%.

However, not all political meme coins experienced gains. While meme coins linked to Trump saw strong price increases, those connected to Harris faced widespread declines. This shift reflects traders' expectations of a Trump victory.

Of the top 5 political meme coins ranked by market capitalization, all recorded gains in the past 24 hours, with most being linked to Trump. In contrast, the political meme coins that saw the sharpest declines in the past 24 hours are mainly Harris-related.

Read more: 11 Top Solana Meme Coins to Watch in November 2024

Notably, MAGA (TRUMP) saw the highest daily volume at over $40 million, the largest since July 20. The price of TRUMP also experienced significant volatility, rising from $3 to over $4.7, showing an increase of 55%. At the time of writing, it trades at $3.63.

On the other hand, Kamala Horris (KAMA) dropped 70% today, falling from $0.015 to $0.0045.

Moreover, the number of newly created tokens on election day saw a slight increase. According to Pump.fun, over 26,000 new tokens were created in the past 24 hours, marking the highest level since the beginning of the month. Among these, there is a significant number of political meme coins.

X account DogeDesigner commented that meme coins, in general, will remain in the spotlight for the next four years.

“Memes are going to be lit for the next 4 years.” – DogeDesigner stated.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

It is important to note that most political-themed meme coins are spontaneously created, not directly linked to the candidates, and have low trading volumes.