Political Finance or PolitiFi tokens like MAGA (TRUMP) and ConstitutionDAO (PEOPLE), have seen explosive growth this year, with their market cap skyrocketing by 667% in 2024. Although they represent only a small segment of the overall memecoin market, PolitiFi tokens have emerged as the top gainers. According to CoinGecko, the sector’s market cap reached $592.4 million as of August 27, a sevenfold increase since the beginning of the year.
PolitiFi token market cap peaked at $1.9 billion on June 24
This surge far outpaces the broader memecoin category, which includes popular tokens like Dogecoin and Shiba Inu, both of which have only risen by about 73% during the same period. Notably, most of the leading PolitiFi tokens are connected to Donald Trump, including MAGA (TRUMP), MAGA HAT (MAGA), Super Trump (STRUMP) and Doland Trump, all ranking among the top five PolitiFi tokens by market cap.
ConstitutionDAO (PEOPLE) stands out as the largest PolitiFi token, with a market cap of $334.6 million. This decentralized autonomous organization was initially formed in November 2021 to bid on a first-edition copy of the United States Constitution. Although it lost the auction to billionaire Kenneth Griffith, who bid $43.2 million, the token has continued to trade.
Read more: TON Resumes After Block Production Disruption Caused by DOGS
MAGA (TRUMP) follows as the second-largest PolitiFi token, with a market cap of $149.7 million. Inspired by former President Donald Trump’s “Make America Great Again slogan”, the token has no official connection to Trump. CoinGecko Research Analyst Shaun Paul Lee noted in an August 27 research note that the value of PolitiFi tokens is closely tied to significant political events, which can cause sharp price fluctuations.
For example: MAGA surged nearly 80% in one day after Trump won a decisive victory in the 2024 Iowa Republican presidential caucuses. The token also saw a 22% increase when Trump was found guilty of 34 counts related to hush money payments and a 41% rise following an assassination attempt during a rally in Pennsylvania.
In related news, Trump has recently launched a new non-fungible token (NFT) collection called the America First Collection, which includes 360,000 potential NFTs, making it his largest set to date. These NFTs, minted on Polygon, offer perks such as dinner with Trump at his Florida golf club or a piece of the suit he wore during a debate with President Joe Biden in June. The collection was created by NFT INL LCC, which uses Trump’s name, likeness and image under a paid license, with none of the funds going toward his presidential campaign.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
