As the US Presidential elections draw closer, political meme-based altcoins are gaining traction. Increased uncertainty has pushed some tokens to appreciate significantly while others remain stable. The growing attention highlights the strong link between U.S. political events and crypto investments, offering potential 2x returns.
Top 2 Altcoins That Could Double Ahead of US Elections
With 12 days left before the 2024 U.S. elections, two politically themed altcoins show potential for strong gains. These, inspired by political figures, have seen significant price corrections but could rally with increased market sentiment, potentially doubling their value.
MAGA (TRUMP)
MAGA (TRUMP), a cryptocurrency linked to the MAGA movement, currently ranks 290th globally among cryptocurrencies. Over the past week, trading has fluctuated as investors adjusted strategies. Recently, its value has moved between $5.5 and $3.3. Despite the recent bearish trend, MAGA remains one of the best-performing meme coins in the PolitiFi category.
Currently priced at $3.34, the coin saw a 7% surge in the last 24 hours. Since its launch, MAGA has experienced a remarkable rise, increasing by 20,046%. This makes it a top contender among politically meme-based altcoins as the US presidential elections nears.
If a bullish reversal occurs, the TRUMP coin could retest the $5 resistance level this month. Conversely, if bearish pressure persists, its value may drop toward a crucial low of $3. Meme coins associated with presidential candidates have shown notable volatility recently, and with the US election approaching, this trend is expected to continue. As investors anticipate market shifts, altcoins like MAGA remain a key focus in the lead-up to the 2024 election.
Constitution DAO (PEOPLE)
Constitution DAO (PEOPLE), a meme-based altcoin, has experienced a remarkable 1981% surge since its launch. Despite recent price volatility, the token has seen a 2% increase in the past week.
According to CoinmarketCapData, currently ranked 143rd, PEOPLE is considered one of the altcoins that could potentially double in value ahead of the US presidential elections. At the time of writing, the token is priced at $0.07907, reflecting a 1% decline during U.S. trading hours.
Technical analysis suggests that if bearish trends continue, PEOPLE could drop to the $0.075 support level. Further market decline could see it dip to around $0.07. However, a renewed bullish push may break the $0.08 resistance.
With sustained momentum, the token’s value could potentially reach $0.1 before the U.S. elections. The ongoing price swings highlight the volatility often associated with the cryptocurrency market.
With just days left before the US Presidential elections, the rising focus on political meme tokens could present notable opportunities. As market dynamics shift, these altcoins may continue to experience growth or consolidation. Investors should keep a close watch on these trends as election day approaches.
Frequently Asked Questions (FAQs)
These are cryptocurrencies inspired by political figures, slogans, or events, typically leveraging political sentiment for speculation.
Political altcoins see increased volatility and investor interest due to their strong ties to U.S. elections, which can drive market trends and price movements.
MAGA is a meme-based cryptocurrency linked to the “Make America Great Again” movement. It has surged dramatically since its launch, making it one of the top-performing political
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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