This is the result of a new research report on “PolitiFi Coin” published by CoinGecko on August 27th.
The report found that the PolitiFi token outperformed the meme coin, rising 782.4% between January 1 and August 25, 2024, while the meme gained around 90% during the same period.
The company describes the PolitiFi token as a subset of the broader meme coin category, saying it is “inspired by political figures and events.”
However, he added that most of them are satirical in nature and have no official affiliation with any politician.
Political activity during election years
According to the research, as of August 25, 2024, the PolitiFi sector holds a 1.5% market share in the meme coin category.
The report lists the top three PolitiFi coins, with ConstitutionDAO (PEOPLE) being the largest, with a market cap of $385.6 million, up 494.3% since January 2024.
ConstitutionDAO was originally created in November 2021 to raise funds to purchase a copy of the U.S. Constitution, but was eventually disbanded.
Donald Trump-themed MAGA (TRUMP) comes in second with a market cap of $178.9 million and is up 1,350.9% since January 2024.
The coin soars in value whenever a presidential candidate is in the news, most recently when there was an assassination attempt on Trump, jumping 66% in price.
The project also donates proceeds directly to Donald Trump’s Ethereum wallet and associated charities, the report added.
CoinGecko concluded that “PolitiFi token price movements are closely tied to political events, and the development of these events can have a significant impact on the token’s value.” They provided several more examples of pump-and-dumps for tokens such as BODEN and KAMA.
How has PolitiFi Coin performed compared to meme coins? 🔍
Our research shows that the PolitiFI coin category has gained 782.4% from January 1, 2024 to August 25, 2024, outpacing the broader meme coin category which has gained 90.2% over the same period.
Read the full study:… pic.twitter.com/xg9vxIJmT7
— CoinGecko (@coingecko) August 27, 2024
PolitiFi tokens are likely to continue to be in the spotlight leading up to the US presidential election in November, which will determine the success or failure of some tokens.
Meme Coin Ecosystem Outlook
Meme coins are generally highly volatile and used primarily for speculative purposes, with little practical use for most projects.
The total meme coin market cap is now $41 billion after a 7% plunge in the last 24 hours. This represents about 1.9% of the total cryptocurrency market cap.
Today’s market crash saw many coins take a big hit, with Dogecoin (DOGE) and Shiba Inu (SHIB) both down around 6.6%.
Pepe (PEPE), Dogwifhat (WIF), and Book of Meme (BOME) also showed double-digit declines over the past day.
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