Degens Hit the Memecoin Trenches to Gamble on Election

For every Polymarket bettor backing Trump or Harris, there is a memecoin trader bidding tokens associated with the presidential candidates.

Today, Donald Trump’s odds rose as high as 62%, according to Polymarket, sending Harris’ odds tumbling to 38%. As a result, the Kamala Harris memecoins sold off, with COCONUT down 42% over the last 24 hours and KABOOTY down 45%. Meanwhile, the MAGA token is up 10% today.

It should be noted that the Trump and Harris memecoins vary drastically in market capitalization, making the Harris tokens significantly more sensitive to large purchases or sales. Trump’s MAGA token sits at a $165 million market cap, and the Trump $47 token is worth $9.7 million. Meanwhile, COCONUT is at $1.4 million, and KABOOTY is worth just $500,000, despite once reaching an all-time high of above $5 million.

These four tokens have traded almost $20 million in volume over the last 24 hours, with $47 commanding the lion's share, presumably due to its recent listing on the retail-focused memecoin app Moonshot.

Politically-focused memecoins peaked over the summer, when the MAGA token was trading at an $800 million market capitalization, and a previous Biden-themed token, $BODEN, reached a $600 million valuation. However, the memecoin meta began to cool off after Joe Biden bowed out of the presidential race, prompting the BODEN token to tumble 99% to its current valuation of $3 million.