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Digital tokens are traded in green today as Bitcoin hit new all-time highs during the US election.
While Donald Trump-linked tokens flew to record highs on the former president’s early victory, Kamala Horris crashed.
Kamala’s top meme toke, KAMA, plummeted, losing over 92% of its value on its 24-hour chart.
Source: Coinmarketcap
KAMA wavers near $0.001002 at press time and remains poised for extended declines.
Its daily trading volume has increased by over 230%, signaling immense seller activity.
While Kamala Harris’ meme cryptocurrency experience faded interest, Trump’s tokens skyrocketed.
Trump-themed coins surge on election enthusiasm
Political-tied cryptocurrencies displayed significant surges in trading volumes and prices amidst the US elections.
The market cap of top PolitiFi soared past $630 million, with over $770 million in 24-hour trading volume, according to CoinGecko.
Meanwhile, Trump-linked meme tokens led the upside as they reacted to the US presidential results.
BABY TRUMP, DMAGA, MAGA VP, and TREMP stole the show with 40%, 30%, 25%, and 24% daily gains.
Moreover, the cryptocurrency market saw newly created coins flooding the market amid the election fervor.
Pump.fun data shows over 33K tokens went live over the past 24 hours, reflecting surging interest in themed assets.
Such developments sent the meme coin market up in the past day, with Dogecoin capitalizing on Elon Musk’s influence to flip Tron in crypto rankings.
The market cap of top meme cryptos surged over 20% the previous day to surpass $72.5 billion.
Further, the over $25 billion in daily trading volume signals magnified enthusiasm in the asset class.
Source: CoinGecko
Trump’s victory and crypto’s future
Leading sources confirm Donald Trump defeated Kamala Harris in the 2024 presidential race.
With experts stating that crypto voters played a crucial role throughout the campaign, attention has switched to the future of digital assets in the hands of a pro-crypto president.
Trump’s cryptocurrency stance has grabbed attention, with analysts predicting tax incentives, deregulation, and a favorable investment atmosphere for assets like Bitcoin.
The top crypto by market cap has already started displaying this optimism, hitting all-time highs as Trump emerged victorious.
Donald Trump has emphasized making the US a hub of digital currencies, stating that the United States should mine all the remaining BTC.
He even promises to fire Gary Gensler, the SEC Chair whom industry giants have criticized for his approach to crypto regulation.
Notably, the United States anticipates the most pro-crypto leadership in the coming years.
Stand With Crypto Stats report reveals that 247 pro-cryptocurrency candidates are joinig the House of Representatives, compared to 113 anti-crypto nominees.
Source: standwithcrypto
Further, the Senate saw 15 pro-crypto candidates elected, with only 10 against.
Meanwhile, the notable shift reflects the increasing influence of digital assets in real-world events.
The post Kamala Harris-linked KAMA token crashes 90% as Trump's election win shakes PolitiFi appeared first on Invezz
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