Most Trump crypto coins bounced back as his hopes of Donald Trump winning in the upcoming election jumped.
Most Trump tokens have soared
MAGA (TRUMP), the biggest political token, jumped by 11.6% on Friday, while MAGA Hat (MAGA), Doland Tremp (TREMP), Super Trump (STRUMP), and Dark MAGA (DMAGA) soared by over 20%. As a result, all political tokens have a market cap of over $782 million.
The current surge happened after Polymarket odds of Donald Trump winning the November election jumped. These odds soared to 65.1% as Kamala Harris fell to 34.6%. The 30% spread is the biggest one that has happened since she entered the presidential race.
Data from other sources show that Trump is the candidate to beat in November. On PredictIt, Trump’s odds rose to 59% compared to Harris’ 42%. Similarly, Kalshi gives Trump a 61% chance of victory.
Read more: Here’s why Raydium (RAY) Token is Soaring and Beating Uniswap
Mainstream scientific polls show that the race is close, with the two virtually tied in all background states.
Trump’s odds of winning rose after Harris held a town hall with CNN, one of the top cable stations in the US. In it, she struggled to answer most questions. She also delivered what some analysts, including David Exelrod, described as word salad city.
Trump meme coins are not the only rising assets. The Trump Media & Technology stock has soared by over 215% in the last 30 days, pushing its market cap to over $7.68 billion and bringing Trump’s net worth to over $6.6 billion.
Rumble, a conservative-focused YouTube alternative, has risen by 15% in the past 30 days as hopes of his victory continue.
Most meme coins are doing well
To be clear, Trump-related coins are meme coins whose price action is based on hype. In this case, if he wins the election, these coins could continue doing well as most investors buy them. If he loses the election, there is a chance that they will drop initially.
Even if he wins, there is a risk that these gains will be short-lived because of a situation known as buy the rumor, sell the news. This is a situation where traders buy an asset ahead of a big event and then sell them when it happens.
Trump meme coins surge has coincided with those of other Solana tokens like Popcat, Cat in a dogs world, and Goatseus Maximus (GOAT), which have soared by double digits in the past few days. As a result, the total market cap of all coins has jumped to a record high of $75 billion.
Read more: MAGA Token Goes Parabolic as Trump Polymarket Odds Rise.
