Original Title: "The U.S. Presidential Election is Approaching, What Are the Speculative Targets?"
Original Source: Woo
Background: The U.S. Presidential Election on November 5 is Approaching
With less than a week until the U.S. presidential election on November 5, the crypto user community has a seat at the table in this election. According to Triple A data, the proportion of Americans holding cryptocurrency in 2024 is 15.5%, representing about 51 million Americans, a number greater than the total population of African Americans (41.1 million), only trailing behind Hispanic Americans (about 57 million).
This is also why cryptocurrency has become a focal point in this U.S. presidential election, with Trump continuously introducing crypto-friendly policies.
Meme coins are a manifestation of the attention economy, and they have always been closely tied to trending events. The U.S. presidential election is an excellent topic for speculation, so which coins have speculative opportunities worth paying attention to?
Let WOO X Research show you!
High Market Cap Coins: DOGE, People
$DOGE
The reason the first-ever meme coin DOGE has taken on a political hue is closely related to Musk's support for Trump.
On August 20, Musk tweeted that he wanted to create a "Department of Government Efficiency," abbreviated as D.O.G.E, a concept suggested to Musk by the DOGE community. Trump also responded that if elected, he would establish this department, conduct a comprehensive financial audit of the government, and propose ways to reduce waste. Therefore, the price performance of DOGE has begun to correlate with the presidential election.
https://x.com/elonmusk/status/1825723913051000851
· Current Market Cap: 25.5B
· 14-Day Price Change: +48%
· Upward Momentum: Musk's posts, mentions during Trump's rallies
$People
People is not centered around a presidential candidate but is a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization established in 2021, aimed at raising funds to bid for a rare copy of the U.S. Constitution at a Sotheby's auction, raising as much as 6,000 ETH, approximately 40 million dollars.
At the same time, the PEOPLE governance token was issued through the blockchain platform Juicebox, allowing investors to exchange 1 ETH for 1 million $PEOPLE. Token holders do not directly own the Constitution but have the power of community governance. After successfully bidding for the Constitution, the DAO community would vote on how to handle this copy.
However, they ultimately did not win the bid, so ConstitutionDAO announced the project's end. After processing refund procedures, community members decided to dissolve the community, but some members chose to retain the PEOPLE tokens exchanged for Ethereum and continue other projects in the form of a DAO, making $People a meme coin.
Meme, full circulation, low market cap, combined with its natural political attributes related to the Constitution, have become the driving forces behind People’s price increase.
· Current Market Cap: 386M
· 14-Day Price Change: -7.6%
· Upward Momentum: Highly correlated with the timing of the presidential election
Low Market Cap Coins: MAGA, KAMA
$MAGA
The concept is an abbreviation of Trump's slogan "Make America Great Again," and its price trend is closely related to Trump's polling. There are quite a few Trump-themed coins in the market, including Trump, Tremp, Fight, babytrump, etc. The coin with the best price performance in the past two weeks is MAGA, while other coins have not seen price increases as expected despite Trump's rising election chances. If one believes Trump has a high chance of winning, MAGA is a more stable choice.
· Current Market Cap: 101M
· 14-Day Price Change: +83%
· Upward Momentum: Increases as Trump's chances of winning rise.
$KAMA
The full name of the token is Kamala Horris (changing the 'a' to 'o'), conceptually a parody of the Democratic candidate Kamala Harris. It is worth mentioning that among political meme coins, there are many Trump-themed coins, while there are very few Harris-themed coins, reflecting the political preferences of crypto users.
· Current Market Cap: 7M
· 14-Day Price Change: +13%
· Upward Momentum: Increases as Harris's chances of winning rise.
Important Events & Timeline for Political Meme Coin Speculation
Electors Selected, Voting (11/5 & 12/16)
After the nationwide voting on November 5 to select electors, the electors from each state will meet on "the first Monday after the second Wednesday in December" (which is December 16, 2024) to vote for a slate of presidential and vice-presidential candidates based on the popular vote results in their states. Therefore, some say this day is the true "U.S. Presidential Election Day."
U.S. Presidential Election Results Announced (1/6/2025)
The U.S. Congress will officially announce the elected candidates in early January of the following year. At that time, members of both the House and Senate will convene to certify and count the electoral votes, officially announcing the elected president and vice president. This process symbolizes the final confirmation of the election procedure and is the last step before the new government takes office.
Presidential Inauguration (1/20/2025)
The new president will be sworn in on January 20, 2025, officially beginning their term.
Conclusion: Is the End of the Election a New Beginning for the Crypto Market?
It is foreseeable that as the presidential election concludes, the aforementioned meme coins will have little speculative momentum, and market sentiment will return to the new president's attitude towards cryptocurrency. Trump is clearly more appealing to crypto voters than Harris, and he recently announced plans to issue his own stablecoin. This is one reason why both candidates are close in traditional polls, while Trump's winning probability is overwhelmingly favored in Polymarket.
Currently, Bitcoin is performing strongly. If Trump is ultimately elected, it could be seen as a positive outcome, but in the short term, it may face price correction pressure. However, as time goes on and crypto-friendly policies are implemented, it will bring a more stable investment environment and long-term benefits to the overall market.
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