TL;DR
- Meme coins tied to the US presidential contenders have recorded substantial price swings in the past 24 hours.
- The election results are expected to impact BTC volatility, influenced by differing candidate views on crypto regulation and industry support.
The Presidential Battle
The highly anticipated presidential elections in the United States (November 5) seem to have already caused enhanced volatility in the meme coin niche. Some of the most affected tokens include those related to the two main candidates, Donald Trump and Kamal Harris.
MAGA (TRUMP) is up 17% daily, while MAGA Hat (MAGA), Super Trump (STRUMP), and TRUMP 47 (47) have charted even more impressive spikes.
On the other hand, Harris-themed memes, such as Kamala Horris (KAMA) and Kumala Herris (MAWA), have plunged by double digits.
Most betting platforms suggest that Trump is more likely to emerge victorious. According to Polymarket, his odds are almost 58% versus 42.3% for his opponent. ElectionBettingOdds also puts Harris as the underdog, albeit with less distance between the candidates.
Trump’s better chances (at least on paper) to win the elections could be one factor pumping the prices of the aforementioned meme coins and suppressing those related to his contender. It is important to note, though, that his odds were much higher last week.
Expected Volatility for BTC, too
The final results of the election will likely trigger significant price swings for the leading digital asset, considering the crypto stance of the candidates. Trump has presented himself as the right choice for those in favor of the industry, promising to promote domestic BTC mining and fire the SEC’s Chairman Gary Gensler (who is considered a big enemy of the sector).
Harris has been less vocal on the matter. She briefly mentioned the topic last month, advocating for the establishment of a comprehensive crypto regulatory framework to protect “black men and others” who participate in the market.
She claimed that 20% of all black people in America hold or have previously owned digital assets. According to her, these “new technologies” broadened the individuals’ access to affordable banking and financial services.
We have yet to see BTC’s exact reaction after the final results. Trump may seem like the pro-crypto candidate, but let’s not forget that he was once among the biggest critics of the asset class. It will be interesting to see whether he will enter the White House as a winner (as most betting platforms indicate) and whether he will stick to his promises.
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