28/08/24

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The PolitiFi sector, which encompasses a small portion of the overall memecoin landscape, has demonstrated remarkable growth this year with tokens like MAGA (TRUMP) and ConstitutionDAO (PEOPLE) leading the charge. As of late August 2024, the market capitalization of PolitiFi tokens has surged by an astonishing 667%, reaching $592.4 million — an impressive increase compared to the broader memecoin category, which includes prominent coins like Dogecoin (DOGE) and Shiba Inu (SHIB), whose values increased by only 73% during the same period.

Among the political-themed memecoins, those linked to Donald Trump prominently stand out. Tokens such as MAGA (TRUMP), MAGA HAT (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP) are currently situated within the top five PolitiFi tokens by market capitalization. Notably, CoinstitutionDAO (PEOPLE) leads the pack with a substantial market cap of $334.6 million. Originally established in November 2021 to acquire a first-edition copy of the U.S. Constitution, the organization disbanded after losing the auction to billionaire Kenneth Griffin despite the ongoing trade of its token.

MAGA (TRUMP), inspired by Trump’s well-known slogan “Make America Great Again,” is the second-largest PolitiFi token, boasting a market cap of $149.7 million. Although it shares a name with the former president, it does not have any official ties to him. Recent trends suggest the token’s value has been significantly influenced by key political events, reflecting a correlation that analysts have observed. For instance, MAGA saw an almost 80% spike in value following Trump’s decisive victory in the Iowa Republican caucuses and also experienced notable price fluctuations in reaction to significant legal developments surrounding the former president.

In addition to the rise in PolitiFi tokens, Trump has launched a new series of digital collectibles known as the “America First Collection,” which comprises 360,000 potential NFTs—the largest release to date. The NFTs offer various perks to collectors, including the chance to dine with Trump or receive a piece of his debate attire. These NFTs are minted on the Polygon blockchain and leverage Trump’s image and likeness under a paid licensing agreement, with funds from the collection not supporting his presidential campaign.