MAGA, STRUMP coins decline; crypto market at crossroads on US election day

As voters head to the polls in the US, election-driven uncertainty has led to price drops in politically themed tokens, with MAGA Coin (TRUMP) and Super Trump Coin (STRUMP) seeing significant declines.

While predictions favor Donald Trump with a 61.5% chance of victory, according to Polymarket, the results could bring varied effects to the broader crypto landscape, posing both opportunities and challenges for digital assets.

Crypto market at a crossroads

The outcome of the 2024 US election is poised to create two distinct potential scenarios for cryptocurrency markets.

Polymarket predictions currently give former President Donald Trump a 61% chance of victory, with Kamala Harris trailing at 39%.

A Trump win could lead to a market boom, especially for Bitcoin, which is projected by Bernstein analysts to soar to $80,000–$90,000 within two months.

Analysts suggest that Trump’s pro-crypto stance could drive capital flow into digital assets, boosting Bitcoin’s prospects.

On the other hand, a win for Harris could mean increased regulatory oversight, potentially pushing Bitcoin down to around $50,000.

This regulatory climate may challenge crypto’s immediate gains but could strengthen long-term institutional trust, as some investors see regulation as a stabilizing force.

Currently, Bitcoin maintains a relatively stable trading value of $68,827, reflecting resilience despite the election’s heightened influence.

The growing adoption of Bitcoin ETFs and institutional involvement continues to provide a bullish outlook for the long term, even with potential short-term dips due to regulatory pressures.

The stakes are high, with the election result likely steering crypto markets toward one of these two paths.

MAGA Coin (TRUMP) declines despite Trump’s projected win

Despite Polymarket predictions pointing to a possible Donald Trump win, MAGA Coin, a popular Trump-themed meme coin known by its ticker TRUMP, is facing a downturn, likely influenced by election volatility and changing sentiment.

Ranked 268 among cryptocurrencies by market capitalization, TRUMP has seen a 9.97% drop over the past day, bringing its value down to $3.47.

The coin’s market cap stands at $152.48 million, down 10.02%, with a trading volume of $11.92 million over the last 24 hours, up 27.41%.

This volatility reflects the election-driven uncertainty, which has hit sentiment hard among MAGA Coin holders.

The token’s price fluctuations come amid a 24-hour low of $3.22 and a high of $3.88.

While TRUMP previously reached an all-time high of $17.52 in June 2024, the coin is now 80.21% down from that peak.

However, long-term holders may take solace in TRUMP’s dramatic rise from an all-time low of $0.007792 in August 2023, marking a 44,406.94% increase over the past year.

Super Trump Coin (STRUMP), another Trump-themed coin, drops

Like MAGA Coin, Super Trump Coin (STRUMP) has experienced notable declines.

With a price of $0.00619, down 21.67% in the last 24 hours, the coin is currently ranked 984.

STRUMP’s market cap of $11.37 million has similarly dropped 21.67%, and its 24-hour trading volume has surged by 339.22% to reach $5.77 million.

This high trading volume in a declining market suggests heightened selling pressure as investors react to the political uncertainty.

The coin’s supply dynamics include a total of 2.34 billion STRUMP and a circulating supply of 1.84 billion.

STRUMP’s current price range over the last day saw a low of $0.005852 and a high of $0.008535.

Since its all-time high of $0.03169 in March 2024, STRUMP has fallen 80.58%, yet it remains well above its all-time low of $0.0003417 from earlier this year, up by 1,701.74%.

With Bitcoin holding steady and investors watching intently, the election’s outcome could set the tone for digital assets in the coming months, illustrating the tight connection between politics and crypto performance.

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