Election Day in the U.S.

Election Day has arrived in the United States, with over $3 billion wagered on the decentralized prediction platform Polymarket. The race features Republican candidate and former President Donald Trump against Democratic candidate and Vice President Kamala Harris.

Crypto traders speculate on a 3.5% swing in Bitcoin prices during the election night, while memecoin traders anticipate larger movements. Popular memecoins influenced by Trump have decreased in value over the last week, with some minor tokens experiencing gains.

MAGA (ticker: TRUMP) remains the largest Trump-themed memecoin, boasting a market cap of $154 million but has dropped 17% in seven days, trading around $3.40. Other notable tokens like MAGA Hat (MAGA), Super Trump (STRUMP), and Fight to MAGA (FIGHT) have witnessed declines nearing 30%.

Contrarily, Doland Tremp (TREMP), with a market cap of $35 million, has rebounded 15% in 24 hours.

On the Harris side, Kamala Horris (KAMA) is the leading memecoin, rising 40% to trade around $0.01043. Meanwhile, Jeo Boden (BODEN) has fallen 21% with a market cap under $3 million.

Over 40 tokens referencing Trump were issued on the Ethereum blockchain recently, alongside 1,000 memecoins created on Solana.

The GMCI Meme index, which tracks prominent memecoins, has risen 7.1% to 280.28, marking a 187% increase year-to-date.

Among the top 20 cryptocurrencies, Dogecoin leads with a 6.9% increase to $0.18, while Bitcoin has also seen a 3% rise.

Trump has branded himself as the crypto candidate this election season, with his win perceived as beneficial for the cryptocurrency market. He pledged to maintain all U.S. government-held Bitcoin: “This will serve in effect as the core of the strategic national bitcoin stockpile.”

However, according to Bitwise CIO Matt Hougan, a Trump win would likely benefit altcoins like Ethereum more significantly than Bitcoin, as altcoins are more susceptible to regulatory risks.