With Donald Trump making significant gains over Kamala Harris on Polymarket prediction platform, Trump-themed meme coins are having a gala period despite broader market correction.
Some political finance (PoliFi) tokens based on former US President Donald Trump have been in the news recently while bucking Bitcoin BTC $69 507 24h volatility: 0.4% Market cap: $1.39 T Vol. 24h: $45.01 B and the broader market correction today. Some of the Trump-themed meme coins such as MAGA (TRUMP) and MAGA [NC] have gained 13-22% today.
This recent development comes as Donald Trump has taken a significant lead in the prediction markets for winning the upcoming 2024 US presidential elections. The Polymarket data shows Trump’s odds of winning at 56% as the former US president took a significant lead over Kamala Harris earlier this week.
On late Thursday, the Bitcoin price faced significant selling pressure as the US Consumer Price Index (CPI) data showed hotter-than-expected inflation for the month of September. This development has poured cold water on the expectations of greater Fed rate cuts coming in November. will inflation still not under the Fed’s 2% target, Jerome Powell could likely delay the next rate cuts moving ahead.
Along with Bitcoin, the altcoin space is also under severe selling pressure today. However, sailing against the tide are Trump-themed meme coins MAGA, MAGA HAT [NC], and the Solana-based TREMP which have registered double digital gains over the past week.
The MAGA price is up y 55% on the weekly chart while the MAGA HAT price is up by 102%. On the other hand, the Solana-based TREMP has surged by 93% over the past week.
PoliFi is a group of tokens and meme coins that gained popularity earlier this year, enabling communities and traders to speculate on the success or decline of political figures through market activity.
Donald Trump DeFi Project Makes Inroads
This week, Donald Trump’s DeFi project World Liberty Financial made key progress while submitting a proposal to AaveDAO to build on the Ethereum DeFi platform Aave. The Trump DeFi project, World Liberty Financial, has proposed operating as an instance on Aave. This means the Ethereum-based DeFi platform would supply the necessary infrastructure for governance and other functions, enabling World Liberty Financial to operate effectively.
Another report suggests that World Liberty Financial is planning to raise a total of $300 million by selling 20% of the supply of its native WLFI tokens. This puts the project at a fully diluted valuation of $1.5 billion.
WLFI, as a governance token, will grant holders voting rights on the platform’s development decisions. These tokens, however, will remain non-transferable during the first 12 months, even if a community vote to allow transfers is approved within that period. Additionally, 63% of the token supply is set for a future public sale, while 17% is allocated for user rewards, and 20% is reserved for the team.
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