PolitiFi Coins Up 782% in 2024, Beating Average Meme Coin Gains

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Politically-themed meme coins known as “PolitiFi tokens” grew by an average of 782.4% in 2024, CoinGecko reported. The category outperformed the broader meme coin category’s 90.2% year-to-date average gain.

The largest PolitiFi token is ConstitutionDAO (PEOPLE), the leader with a market cap of $385.6 million and showing a 494.3% year-to-date price increase.

However, despite having less than half of PEOPLE’s market cap at $178.9M, MAGA (TRUMP) is up 1,350.9% in 2024

Another Trump-related symbol with a significant performance is MAGA Hat (MAGA), which is up 1,292.1% since its inception in May. At a market cap of $35.5 million, it is the third largest PolitiFi token.

In particular, the growth of the PolitiFi category is linked to an increased interest in US politics within crypto communities. Tokens often react to political events, such as Trump’s victory in the Iowa caucuses and legal issues, as well as concerns about Biden’s health and campaign developments.

Furthermore, key political events that influenced PolitiFi token prices in 2024 included Trump’s Iowa caucus win, his cash-in verdict, Biden’s health issues, and campaign developments. These events have caused significant price fluctuations in various politically themed tokens.

Despite outperforming meme coins, PolitiFi tokens represent only 1.5% of the meme coin market, with a market cap of $680.8 million, compared to $45.6 billion for the broader category.

Some PolitiFi tokens apply transaction fees to support aligned political causes. For example, MAGA (TRUMP) contributes to Donald Trump’s Ethereum wallet and related charities.

Crypto and the US Election

Crypto has become a fundamental part of the US presidential election after former President Donald Trump began showing his support for the industry.

Since May, Trump has vowed to end his hostility to the blockchain industry if elected and that he is “very positive” and “open-minded” about companies in the sector.

During his appearance at this year’s Bitcoin Conference in Nashville, the presidential candidate even stated that he would fire Gary Gensler and that Bitcoin would become a strategic reserve asset if elected.

This prompted Vice President and Democratic Representative Kamala Harris to jump into crypto, launching an effort called “Crypto for Harris” to alleviate community concerns about a potential crackdown on the industry.

In particular, this effort has organized virtual meetings with the likes of Mark Cuban and Anthony Scaramucci. In addition, it has received the support of top Democrats, who have promised to take a measured approach to regulating crypto while spurring growth.

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