Political-themed tokens outperform memecoins
So far in 2024, politically themed tokens are up 780 %, far outpacing regular memecoins and cryptocurrencies
Recent data on the crypto market details a 780 % increase in politically themed tokens over memecoins and cryptocurrencies in general.
The details were collected in a CoinGecko report on PolitiFi coins, where they indicate that they have surpassed memecoins, “rising 782.4 % between January 1 and August 25, 2024, while memes rose around 90% during the same period.”
The politically themed tokens, PolitiFi, were defined as a “subset of the broader category of meme coins, inspired by political figures and events.”
However, it is important to clarify that the majority of these assets are satirical and, officially, are not linked to any politician.
CoinGecko’s research also concluded that the PolitiFi segment “had a 1.5 % market share of the memecoin category” as of last August 25. He focused on the main PolitiFi tokens, starting with ConstitutionDAO (PEOPLE), the largest, with a “market capitalization of $385.6 million, which is up 494.3 % since January.”
Then there is MAGA (TRUMP), themed after US presidential candidate Donald Trump, as it was the second largest PolitiFi coin, “with a market capitalization of $178.9 million, up 1,350.9% since January 2024”.
Regarding memecoins in general, they have indicated that they are very volatile and are basically used “for speculation, with very little purpose in the real world for most projects.”
M.Pino
Source: cripto247
(Reference image source: Unsplash+, in collaboration with Aakash Dhage)
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