Is the end of the election the beginning of a new round for the crypto market?
Written by: WOO
With less than a week to go until the US presidential election on November 5, the crypto user community has a place in this election. According to Triple A data: the proportion of people holding cryptocurrencies in the United States in 2024 is 15.5%, representing about 51 million Americans, which is more than the total population of African Americans (41.1 million), only behind Latino Americans (about 57 million).
This is also why cryptocurrency has become the focus of this US presidential election, and Trump has continued to introduce crypto-friendly policies.
Meme coins are a manifestation of the attention economy, so they have always been closely tied to hot events. The US presidential election is an excellent topic for hype. So which coins have hype opportunities and are worth paying attention to?
Let WOO X Research show you!
High market value currencies: DOGE, People
$DOGE
The reason why the first meme coin in history, DOGE, has taken on a political tone is inseparable from Musk’s support for Trump.
Musk tweeted on August 20 that he wanted to create a "Department of Government Efficiency", abbreviated as DOGE, and the naming concept was suggested to Musk by the DOGE community. Trump also responded that if elected, he would establish the department, conduct a comprehensive financial audit of the government, and propose to reduce waste. Therefore, the price performance of DOGE has also begun to be linked to the presidential election.
- Current market value: 25.5B
- Change in the past 14 days: +48%
- Momentum for the rise: Musk posted a message and Trump mentioned it during his campaign
$People
People is not centered around presidential candidates, but is a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization founded in 2021 with the purpose of raising funds and bidding for a rare copy of the United States Constitution at a Sotheby's auction. At that time, the amount of funds raised was as high as 6,000 ETH, which is approximately equivalent to 40 million US dollars.
At the same time, the blockchain platform Juicebox will issue PEOPLE governance tokens, and investors can exchange 1 ETH for 1 million $PEOPLE. Token holders will not directly own the constitution, but will have the power of community governance. After successfully bidding for the constitution, the DAO community will vote on how to deal with this copy.
But the bid was ultimately unsuccessful, so ConstitutionDAO announced the end of the project. After processing the refund procedure, community members also decided to disband the community. However, some community members still chose to retain the PEOPLE tokens exchanged for Ethereum and carry out other projects in the form of DAO, making $People a meme coin.
Memes, full circulation, low market value and the natural political attributes of the Constitution have become the driving force behind the rise of People.
- Current market value: 386M
- Change in the past 14 days: -7.6%
- Upward momentum: Highly correlated with the timing of the presidential election
Small-cap coins: MAGA, KAMA
$MAGA
MAGA is the abbreviation of Trump's slogan "Make America Great Again". The price trend of the coin is closely related to Trump's polls. There are many Trump concept coins in the market, including Trump, Tremp, Fight, babytrump, etc. In the past two weeks, the coin with the best price trend is MAGA. As Trump's chances of winning the election increase, the price increase of other coins is not as expected. If you think Trump has a high chance of winning, MAGA is a more stable choice.
- Current Market Value: 101M
- Change in the past 14 days: +83%
- Upward momentum: Will rise as Trump's chances of winning the election increase.
$KAMA
The full name of the token is Kamala Horris (replace a with o), which is a parody of the cartoon image of the Democratic candidate Kamala Harris. It is worth mentioning that among the political meme coins, there are many Trump concept coins, while there are very few Harris concept coins, which also indirectly reflects the political preferences of crypto users.
- Current Market Value: 7M
- Change in the past 14 days: +13%
- Upward Momentum: Will rise as Kamala Harris's chances of winning improve.
Important events and time of political meme coin speculation
Electors elected and voted (11/5 & 12/16)
After the electors are selected by popular vote on November 5, the electors of each state will gather on the "first Monday after the second Wednesday" in December (December 16 in 2024) to vote for a group of presidential and vice presidential candidates based on the results of the popular vote in each state. Therefore, some people say that this day is the real "US presidential election day"
The results of the US presidential election are released (2025/1/6)
The joint session of the U.S. Congress will officially announce the elected candidates in early January of the following year. At that time, members of the Senate and the House of Representatives will meet together to approve and calculate the votes of the Electoral College and officially announce the elected candidates for the new president and vice president. This process symbolizes the final confirmation of the election process and is also the last step for the new government to take office.
Presidential swearing-in (2025/1/20)
The new president will be sworn in on January 20, 2025, officially beginning his term.
Conclusion: With the election over, is this the beginning of a new round for the crypto market?
It is foreseeable that with the end of the presidential election, the above meme coins will not have much hype momentum, and the market sentiment will return to the attitude of the new president towards cryptocurrencies. Trump is obviously more pleasing to crypto voters than Kamala Harris, and recently announced that he will issue his own stablecoin. This is also one of the reasons why the two sides are close in traditional polls, but Trump's winning rate is one-sided in Polymarket.
Bitcoin is currently trending strongly. If Trump is eventually elected, it can be seen as a positive development. In the short term, the currency may face pressure for a price correction, but if crypto-friendly policies are implemented over time, it will bring a more stable investment environment and long-term benefits to the overall market.
