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Cryptocurrency News Articles

Meme Coin Market Overview and TGE Cycle Mirrored in the U.S. Election Race

Nov 04, 2024 at 11:07 pm

In the world of cryptocurrency, Token Generation Events are pivotal moments when a project creates and then distributes its tokens to early supporters

Meme Coin Market Overview and TGE Cycle Mirrored in the U.S. Election Race

In the realm of cryptocurrency, Token Generation Events (TGEs) mark pivotal moments where projects create and distribute their tokens to early supporters, investors, or the general public. These events often precede the listing of the tokens on cryptocurrency exchanges.

Prior to their upcoming TGEs, projects frequently offer speculative future value in exchange for early buy-in. However, most investors are aware that the reality can be much less predictable.

The U.S. election race closely mirrors token presales, where candidates’ promises resemble projected coin values exchanged for early support. Voters commit based on a candidate’s perceived future potential, just as investors back tokens anticipating future gains.

Candidates, similar to crypto projects, build excitement and raise both actual and symbolic funds in the form of voter support, all while making grand promises about what they will deliver if elected.

Trump and Harris’ strategies resemble not just typical token launches but meme coin presales, aiming to maximize voter buy-in with promises of massive returns in the form of policies and reforms.

Just as meme coin investors are swayed by hype and quick-return promises, voters are often attracted to candidates who make promises that sound like shortcuts to overnight success but frequently leave supporters disillusioned when those promises fall short.

Meme market overview

As of this writing, the total market capitalization of meme coins has reached $75.3 billion. Dogecoin leads with a market cap of $20.26 billion, followed by Shiba Inu with $10.44 billion and PEPE at $4.08 billion. According to Coinranking data, out of 7,623 meme coins currently listed, 54% are gainers this year, highlighting the ongoing enthusiasm around these playful digital assets.

Looking into the meme coin index, which tracks the performance of leading meme-based cryptocurrencies, it shows a 233.12% peak year-to-date growth around mid-March 2024, with sustained volatility throughout the year.

After the surge, the market faced sharp corrections, particularly through June and July, before stabilizing toward the final quarter. The latest reading shows an impressive 118.99% increase YTD, suggesting meme coins have retained significant investor interest. However, with an annualized volatility rate exceeding 100%, the index reflects the highly speculative nature of the meme coin sector, where fundamental analysis is almost irrelevant.

Harris surges ahead in fundraising as crypto billionaires pick sides

As of October 2024, Vice President Kamala Harris has widened her fundraising lead over Donald Trump. Her campaign reported raising $997.2 million since January 2023, compared to Trump’s $388 million. In the first half of October alone, Harris raised $97.2 million, far surpassing Trump’s $16.2 million. Contributions to Harris have been particularly strong from California, which contributed over $131 million, followed by New York and Massachusetts.

Meanwhile, Trump’s largest support came from Virginia, contributing over $39 million, along with California and Texas, reflecting his regional funding strengths.

Several pro-crypto billionaires have also taken sides in the upcoming election. The Winklevoss twins, founders of Gemini, donated $10.1 million to Trump, stemming mostly from their opposition to the Biden administration’s crypto policies. In contrast, Ripple co-founder Chris Larsen endorsed Harris, pledging $10 million worth of XRP. Tim Draper split his donations between both candidates, while Elon Musk donated $75 million to a pro-Trump PAC.

Trump and Harris’ meme-inspired strategies

Just as token presales rely heavily on generating buzz before the token launch to attract investors, Trump and Harris build excitement and gain voter momentum through bold, often populist, promises.

Trump, who had previously dismissed Bitcoin as a ‘scam‘ and a ‘disaster waiting to happen,’ announced that, if he wins November’s election, he would ‘immediately appoint a Bitcoin and crypto presidential advisory council‘ and establish a ‘national Bitcoin stockpile.’ Apparently recognizing the significant voter potential within the crypto industry, Trump has experienced a Damascene conversion—a complete reversal in attitude—now embracing crypto with such enthusiasm that he has promised to make the U.S. the ‘crypto capital of the planet.’

Harris, meanwhile, after pledging to “encourage innovative technologies like AI and digital assets,” taps into social and progressive hype, similar to how new meme coins attract niche communities. A recent example is her ‘Opportunity Agenda for Black Men‘ initiative, where she advocated pro-crypto policies targeting Black investors, noting that 20% of them currently own or have owned cryptocurrency assets.

Yet, skeptics have begun questioning whether Black Americans’ interest in digital assets is as strong as it seems, arguing that much of Harris’s narrative around crypto as a tool for economic empowerment may be overstated. According to Molly White’s analysis of

News source:crypto.news

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