Trump-Themed Political Finance (PoliFi) Tokens Show Resilience, as the US presidential election intensifies

The competition between candidates Donald Trump and Kamala Harris is heating up. Right now, prevailing trends on Polymarket suggest Trump is likely to win

As the U.S presidential election draws near, the competition between candidates Donald Trump and Kamala Harris is intensifying. According to prevailing trends on Polymarket, Trump is likely to win the 2024 elections. However, the election is still too close to call.

PoliFi tokens show resilience

Lately, Donald Trump-themed Political Finance (PoliFi) tokens have shown resilience, defying the low volatility that Bitcoin [BTC] and the broader cryptocurrency market have been experiencing. This surge in interest is a sign of the growing optimism surrounding Trump’s electoral prospects, which climbed to a two-month high on Polymarket.

On 10 October, BTC slid by over 4%. The following day, it rebounded and stabilized above $60,000.

Many suggest that the surge in inflation pressure in September contributed to this downturn. Major cryptocurrencies such as Ethereum [ETH] and Dogecoin [DOGE] saw large declines too, plunging by as much as 6%.

Trump-themed memecoins soared high

On the contrary, Trump-themed tokens, including MAGA [TRUMP], MAGA HAT [MAGA], and Doland Tremp [TREMP], showcased remarkable resilience – Each soaring by double digits this week.

Notably, MAGA, the largest of these tokens, surged by 55% over the week, surpassing a market cap of $200 million. MAGA HAT and TREMP recorded impressive gains of 102% and 93%, respectively, too.

By 11 October, the broader cryptocurrency market showed some signs of recovery though, according to CoinMarketCap. BTC gained by 0.30% at press time, while ETH and DOGE hiked by 1.24% and 2.07%, respectively, on the 24-hour charts.

According to the latest update from CoinGecko, the total market cap for PolitiFi tokens hit $819 million after posting a 14.2% hike in just a day.

TRUMP surged by 14.3%, TREMP climbed by 15.5%, and MAGA rose by 19.7% within 24 hours.

These three tokens emerged as the trending assets in the top PolitiFi coins by market cap. This is a sign of their significant impact on the market, as per CoinGecko.

Update on KAMA

On the other hand, the Kamala Harris-themed memecoin, Kamala Horris [KAMA], also saw a double-digit hike of 10.4% in a day.

However, it remained far behind, ranking in the 10th position and being overshadowed by nine Trump-related memecoins that dominated the market.

This trend was not limited to memecoins either as Polymarket indicated that Trump is significantly outpacing Harris in popularity and potential support.

Polymarket’s trend

The prediction market highlighted this disparity, showcasing the ongoing momentum behind Trump-themed assets as the election race intensifies.

Echoing a similar sentiment was an X (formerly Twitter) user who said,

However, not everyone shares this sentiment. Another user on X, classicsgroyp, raised an important point. He stated,

“Polymarket is owned by Peter Thiel who owns JD Vance btw.”

The post emphasized that Polymarket’s predictions can be unreliable, as they are often influenced by Trump and his vice-presidential running mate, J.D. Vance.

Therefore, while current trends suggest a clear lead for Trump, the outcome remains uncertain until 5 November.