Despite only making a small fraction of the total memecoin sector, Political Finance or “PolitiFi” tokens, including the likes of MAGA (TRUMP) and ConstitutionDAO (PEOPLE), have been the biggest gainers this year — with market cap surging 667% in 2024.
CoinGecko data shows that the PolitiFi memecoin sector has a current market cap of $592.4 million as of Aug. 27, a seven-fold increase from the start of the year.
It’s a massive surge compared to the broader memecoin category — which includes the likes of Dogecoin (DOGE) and Shiba Inu (SHIB), which only rose around 73% in the same time frame.
PolitiFi token market cap peaked at >
PolitiFi token market cap peaked at $1.9 billion on June 24. Source: CoinGecko
.9 billion on June 24. Source: CoinGeckoIt may not come as a surprise that most of the largest political memecoins are Donald Trump-related — MAGA (TRUMP), MAGA HAT (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP) — all making it within the top five PolitiFi tokens by market cap.
However, data shows that ConstitutionDAO (PEOPLE) currently blows everything out of the water with a market cap of $334.6 million.
The “single-purpose” decentralized autonomous organization was formed in November 2021 to purchase a first-edition copy of the United States Constitution. However, it lost the auction to billionaire Kenneth Griffith, who bid $43.2 million and disbanded soon after, though its token has continued to trade.
MAGA (TRUMP) is the second largest, with a $149.7 million market cap. The name draws inspiration from US President Donald Trump’s “Make America Great Again” slogan, though it bears no legitimate affiliation to Donald Trump.
In an Aug. 27 research note, CoinGecko Research Analyst Shaun Paul Lee highlighted that its price, like other PolitFi tokens, has been closely linked to significant political events “where developments can significantly impact their value.”
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MAGA rose almost 80% in a day when Trump won a landslide victory at the 2024 Iowa Republican presidential caucuses in January. The memecoin rose 22% when he was found guilty of 34 counts of hush money payments and also rose 41% after an assassination attempt during a rally in Pennsylvania.
Trump releases another $99 NFT collection
Meanwhile, Trump has just released yet another non-fungible token (NFT) collection, the “America First Collection,” which offers 360,000 potential NFTs — the largest set to date.
President Trump announces his NEW Digital Trading Cards- America First. Buy just 15 cards and get a piece of his “KNOCKOUT” Debate Suit. Buy just 75 cards or more and have a Gala Dinner with the President!
— CollectTrumpCards (@CollectTrump) August 27, 2024
Don't Miss Out! https://t.co/vrpHbxyrFG pic.twitter.com/TUYFLLD76f
“These cards show me dancing and even holding some Bitcoins,” Trump explained in a video posted on Truth Social on Aug. 27.
“You all know what they are, we’ve had a lot of fun with them,” he added.
The NFTs are minted on Polygon and, like previous collections, offer certain holders perks such as dinner with Trump at his Florida golf club or a piece of the suit that Trump wore in his debate against US President Joe Biden in June.
The Trump collection was created by NFT INL LCC, which states that the NFT collection uses Donald Trump’s name, likeness, and image under a paid license and none of the funds will go toward Donald Trump’s presidential campaign.
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