KEY POINTS Politics-themed cryptocurreny memecoins are largely on a downtrend less than a week before the U.S. elections, and tokens based on former President Donald Trump are leading the dip.
Data from CoinGecko showed that as of early Wednesday, many political memecoins slumped overnight, including the majority of the Top 10 tokens. Trump-Themed Memecoins Lead Slump Many of the coins in the PolitiFi segment that saw significant dips were themed after Trump, who is commanding a wide lead over Vice President Kamala Harris on the decentralized market prediction platform Polymarket. Among the tokens that led the day's slump were MAGA (TRUMP), the world's second-largest PolitiFi token in CoinGecko's ranks, which saw a 17.
4% dip, and MAGA Hat (MAGA), which declined by over 13%. Top 4 and Top 5 rankers Doland Tremp (TREMP) and Super Trump (STRUMP) were both down by over 10%, Fight to MAGA (FIGHT) lost 11.4%, and Dark MAGA (DMAGA), which surged in the past week, also didn't survive the beating, shedding nearly 3% overnight.
The biggest loser of the day was TRUMP 47 , which shed a staggering 67%. The token is only two days old and suffered a dramatic slump Tuesday. Democrat-themed coins were also down overnight, as Kamala Horris (KAMA) shed 8.
8%, and Jeo Boden (BODEN) lost 3.4%. Another Harris-based token, Kumala Herris (MAWA), decreased by nearly 14% in the past day.
While many PolitiFi tokens bled overnight, many also had a weeklong rally, including MAGA, which surged more than 65.