Political meme coin market loses $420M as US election approaches

As the U.S. presidential election nears, the political meme coin market has seen a significant contraction, with a loss of $420 million over the past three months.

Back on June 3, 2024, the combined market capitalisation of political meme coins was valued at $875 million.

Since then, this market has shrunk to $455 million, reflecting a substantial decline in interest and value.

The MAGA (CRYPTO:TRUMP) token, which was the leading political meme coin in early June, has dropped from $14.42 to $3.04 per token.

Similarly, the ConstitutionDAO (CRYPTO:PEOPLE) token, which was priced at $0.11 per token, has declined to $0.052.

Another notable token, MAGA Hat (CRYPTO:MAGA), has decreased from $0.0004243 to $0.00009719 in the same period.

There has also been a shift in the political meme coin landscape with the emergence of new tokens.

For instance, the JEO (CRYPTO:BODEN) token, themed after President Joe Biden, saw a significant drop after he announced he wouldn't run for reelection in 2024, plunging from $0.26 to $0.005684.

Meanwhile, the Kamala Horris (CRYPTO:KAMA) token, which was not on the radar in early June, now has a market cap of $8.95 million.

The evolving dynamics of these political meme coins reflect the heightened interest and volatility in the crypto space amid the U.S. political scene.

With the upcoming election on November 5, 2024, it will be interesting to see how the market reacts and what role these political meme coins will play in the broader conversation about the intersection of crypto and politics.