- PolitiFi sector grew by 667% in 2024
- MAGA is up nearly 80% since Trump’s victory in the Iowa caucuses
- ConstitutionDAO leads with a market capitalization of $334.6 million
- Trump released a new NFT “America First Collection” with 360,000 potential tokens
While the entire crypto market is experiencing volatility due to rapid changes in regulations and the performance of ETFs, the PolitiFi token surge shows impressive numbers.
The PolitiFi sector has reached a market capitalization of $592.4 million in 2024, growing more than seven times since the beginning of the year, while classic memecoins like Dogecoin and Shiba Inu are experiencing ups and downs.
This growth has been continually fueled by stormy events in American politics, and by one of its key figures, Donald Trump.
The Impact of Politics on Memecoins
The numbers speak for themselves when we try to determine what prompted such rapid growth.
In January 2024, when Donald Trump won the Iowa Republican caucuses, the MAGA token rose 80% in a single day.
In April, when Trump was found guilty on 34 charges, the meme token MAGA rose again, this time by 22%.
In June, following an attempt on Trump’s life during a rally in Pennsylvania, its value rose another 41%.
ConstitutionDAO and PolitiFi Market Leaders
ConstitutionDAO (PEOPLE) wasn’t able to buy a copy of the U.S. Constitution in 2021, but that doesn’t stop it from leading the PolitiFi market with a market capitalization of $334.6 million and showing consistent growth.
Also MAGA (TRUMP), despite having no official connection to Donald Trump, still personifying his idea of “Make America Great Again” has become enough to rank second with a market capitalization of $149.7 million.
Speaking of Donald Trump’s continued influence, he released the new largest collection of NFTs in the entire market called the “America First Collection,” which includes 360,000 potential tokens backed by the NFT INL LCC.
Continuing the tradition, owning these NFTs reserved for the owner exclusive opportunities like dining with Trump or attending golf events, while he will use the earnings for his election campaign.
Conclusion
The growth of the PolitiFi sector once again confirms that the global economy is changing and is increasingly becoming an attention economy.
Blockchain in general and NFT in particular have become the perfect technology to demonstrate this. It makes it clear that their price will be driven not only by their technical potential for real-world tasks like with Sony but also by their political potential and sign of community.
And while we should be careful about placing high hopes on the consistent, rapid, and sustainable growth of specific assets, we definitely need to be aware of crypto-assets as an integral part of the new economy we are in, rather than its separate area as before.
