Does the end of the election mark a new beginning for the encryption market?

Author: WOO

With less than a week until the US presidential election on November 5th, the encryption community has a place in this election. According to Triple A data, the proportion of Americans holding Crypto Assets in 2024 is 15.5%, representing about 51 million people, which is more than the total number of African Americans (41.1 million), and second only to Hispanic Americans (about 57 million).

This is also why Cryptocurrency has become the focus of this US presidential election, in which Trump has continuously introduced encryption-friendly policies.

As a representation of attention economy, meme coin is always closely tied to hot events. The US presidential election is an excellent hype topic. So, which currencies are worth following for hype opportunities?

Let WOO X Research show you around!

High market cap currencies: DOGE, People

$DOGE

The reason why the first meme coin DOGE has a political color is inseparable from Musk's support for Trump.

On August 20th, Musk tweeted that he wanted to create a 'Department of Government Efficiency' (D.O.G.E for short), a naming concept suggested to Musk by the DOGE community. Trump also responded that if elected, he would establish the department to conduct a comprehensive financial audit of the government and propose waste reduction. Therefore, the price of DOGE is also linked to the start of the presidential election.

• Current Market Cap: 25.5B
• Change in the past 14 days: +48%
• Upward momentum: Mentioned by Musk in his tweet, and by Trump during his campaign.

$People

People is not centered around presidential candidates, but is a Token issued by ConstitutionDAO.

ConstitutionDAO is a Decentralization organization established in 2021, aiming to raise funds and bid on a rare copy of the US Constitution at a Sotheby's auction, with a fundraising amount of as high as 6000 ETH, equivalent to approximately 40 million dollars at the time.

Meanwhile, through the Block chain platform Juicebox issuance PEOPLE governance Token, investors can exchange 1 ETH for 1 million $PEOPLE. Token holders do not directly own the constitution, but have the power of community governance. After successfully bidding for the constitution, the DAO community will vote on how to handle this copy.

But ultimately, the bid was not successful, so ConstitutionDAO announced the end of the project. After the community members dealt with the refund process, they also decided to dissolve the community. However, some community members chose to retain the PEOPLE Token obtained by exchanging Ether and to carry out other projects in the form of DAO, making $People a meme coin.

Memes, full circulation, low Market Cap plus the natural political attributes of the Constitution, have become the driving force for PEOPLE pump.

• Current Market Cap: 386M
• Change in the past 14 days: -7.6%
• pump momentum: correlation with the timing of the presidential election is relatively high

Small market cap coins: MAGA, KAMA

$MAGA

The concept is an abbreviation of the Trump slogan Make America Great Again, and the price trend is closely related to Trump's polls. Currently, there are quite a few Trump concept coins on the market, including Trump, Tremp, Fight, babytrump, etc. In the past two weeks, the coin with a good price trend is MAGA, while the prices of other coins have not increased as expected as Trump's winning rate has increased. If you think the probability of Trump being elected is high, MAGA is a more stable choice.

• Current Market Cap: 101M
• Change in the past 14 days: +83%
• Pump momentum: pumps as the chance of Trump's victory increases.

$KAMA

The full name of the Token Kamala Horris (change 'a' to 'o') is a satirical cartoon image of the Democratic candidate He Jinli. It is worth mentioning that there are many Trump concept coins in political meme coins, while there are very few concept coins for He Jinli, which also reflects the political preferences of encryption users.

• Current Market Cap: 7M
• Change in the past 14 days: +13%
• Pump momentum: Pump with the increase in the probability of Hui Jili's victory.

Important Events & Time for Political Meme Coin Speculation

Elector generation and voting (11/5 & 12/16)

After the nationwide vote on November 5th to elect electors, the electors in each state are required to convene on the first Monday after the second Wednesday in December (which falls on December 16th in 2024) and cast their votes for a presidential and vice presidential candidate based on the popular vote results in their respective states. Therefore, some people argue that this day is the true "Election Day" in the United States.

The results of the U.S. presidential election are out (2025/1/6)

The joint session of the United States Congress will officially announce the elected person in early January of the following year. At that time, members of the Senate and the House of Representatives will meet together to approve and count the votes of the Electoral College, officially announcing the elected President and Vice President of the new term. This process symbolizes the final confirmation of the election process and is also the last step for the new government to take office.

Presidential Inauguration (1/20/2025)

The new president will be sworn in on January 20, 2025, officially beginning his term.

Conclusion: The end of the election, is it the start of a new round in the encryption market?

It is foreseeable that with the end of the presidential election, the above meme coins will not have much speculative power, and the market sentiment will return to the attitude of the new president towards Cryptocurrency. Trump is obviously more pleasing to the encryption voters than He Jinli, and he has announced the issuance of his own stablecoin recently. This is also one of the reasons why the two sides are close in traditional polls, but Trump's winning rate is overwhelming in Polymarket.

Currently, BTC is showing strong momentum. If Trump is ultimately elected, it can be seen as a favourable information landing. In the short term, it may face pullback pressure on the coin price. However, if encryption-friendly policies are implemented over time, it will bring a more stable investment environment and long-term favourable information to the overall market.