Trump-Themed PoliFi Tokens Buck Bitcoin Downtrend as China Stimulus Hopes Return
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Trump-themed PoliFi tokens outperformed a slow market this week as the Republican candidate pulled ahead of Kamala Harris on Polymarket.
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Crypto traders in Asia are eagerly awaiting Beijing’s next moves as the People’s Bank of China (PBoC) prepares to role out more stimulus.
Donald Trump-themed Political Finance (PoliFi) tokens bucked low volatility in bitcoin and the broader crypto market this week as the Republican presidential candidate’s chances of winning the election surged to a two-month high on Polymarket.
Bitcoin slid over 4% in U.S. hours Thursday, before recovering in Asian morning hours Friday, now trading above $60K, as renewed regulatory fears plagued the market.
A re-acceleration in inflation pressure in September initially sent markets lower, with majors such as ether (ETH) and dogecoin (DOGE) falling as much as 6%.
But Trump-themed MAGA, MAGA HAT, and the Solana-based TREMP are all up double digits this week, with MAGA, the first and largest of them, up 55% on-week with a market cap moving past $200 million, while MAGA HAT is up $102% while TREMP is up 93%.
PoliFi is a cohort of tokens and memecoins that gained traction earlier this year, allowing communities and traders to speculate on the rise or fall of political figures using markets.
Trump’s odds of winning the U.S. presidential election have surged to a more than two-month high on the leading prediction market, Polymarket.
As of Friday, traders are giving the former president a 55.8% shot versus Vice President Kamala Harris’ 43.8%, according to pricing on Polymarket, where more than $1.6 billion has been wagered on the November election.
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