Bitcoin Sets New All-Time High, Meme Coins Go Parabolic As Donald Trump Closes On Victory In US Election

Updated: 06 November 2024

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Bitcoin soared to a new all-time high while meme coins and PolitiFi tokens surged as pro-crypto Republican Donald Trump closed on victory in the US election.

BTC soared 9% to as high as $75,361.09 in the past 24 hours but has since pared gains to trade at $73,503 as of 3:00 a.m. EST. The broader crypto market saw its market capitalization jump 10% as the meme coin segment soared 25% and PolitiFi tokens surged 12%

Trump claimed victory while speaking at West Palm Beach in Florida, and thanked voters for electing him as the next US President. Rival Kamala Harris has yet to concede.

Trump Looks Headed For US Election Win

The surge in BTC’s price comes as Trump gains a strong lead over political rival Kamala Harris in the US election. Given his pro-crypto stance, many believe that a Trump victory will clear the way for a better regulatory environment for the crypto industry in the US, triggering a surge in digital assets.

AP Race Call: Donald Trump wins the swing state of Georgia, returning its 16 electoral votes to Republicans.

Aside from when Joe Biden narrowly carried Georgia in 2020, Republicans have won every presidential vote in the state since 1996. https://t.co/vNyURdNHtn pic.twitter.com/T6Cx4XUQaQ

— The Associated Press (@AP) November 6, 2024

Data from Associated Press shows that Trump currently has 247 electoral votes with 51.2% of the votes counted so far in favor of the republican candidate. Meanwhile, Harris has 214 electoral votes and 47.4% of the votes in her favor. A candidate needs to achieve 270 electoral votes to win.

PNUT, DOGE Lead Meme Coin Gains

The meme coin market’s surge was led by new tokens including Peanut The Squirrel (PNUT) and Department Of Government Efficiency (DOGE) with gains of 222% and 99%, respectively, as Elon Musk claimed victory for Trump.

Politifi tokens also surged, led by Dark MAGA (DMAGA) among the top 10 biggest political meme coins by market capitalization with a 37% surge.

In contrast, cryptos linked to Harris suffered the biggest blows. Among the worst performers are Kumala Herris and Kamala Horris, which saw their prices drop over 98% and 88% in the last 24 hours.