PolitiFi memecoins outperform wider crypto market as BODEN and TRUMP lead the way
Quick Take
- The PolitiFi memecoin market cap today stands at $1.58 billion — having gained 14% in the last 24 hours — according to CoinGecko data.
- In contrast, the total cryptocurrency market cap decreased by 0.4% over the same period, with the bitcoin price posting a 0.2% downtick.
The Political Finance (PolitiFi) memecoin market cap has increased by over 14% in the past 24 hours — outperforming the rest of the cryptocurrency market.
According to CoinGecko, PolitiFi is a memecoin category featuring tokens named after political figures, although these tokens have no official affiliation with any of them.
The top three memecoins by market capitalization in CoinGecko's PolitiFi category account for approximately 82% of the category's total market capitalization of $1.58 billion. Of the top three PolitiFi memecoins, Jeo Boden (ticker: BODEN) has posted the most gains in the past 24 hours. The token is trading up over 18% during that time frame.
ConstitutionDAO price surges in past week
The other two tokens in the top three by market cap are MAGA (ticker: TRUMP), up 16% in the past day and gaining 68% in the past week, and ConstitutionDAO (Ticker: PEOPLE) up a more muted 2% in the day, but gaining 34% over the past week, according to The Block's Price Page.
RELATED INDICES
ConstitutionDAO is a decentralized autonomous organization (DAO) established in 2021 with the goal of purchasing a valuable copy of the United States Constitution at a Sotheby's auction. The DAO ultimately lost to Kenneth Griffin, founder and CEO of Citadel, who had the winning bid of $43.2 million at the time of auction.
In comparison to the PolitiFi rally, the entire cryptocurrency market cap decreased by 0.4% in the past 24 hours to $2.68 trillion, and the price of leading cryptocurrencies bitcoin and ether decreased by around 0.2% and 1.6%, respectively, according to The Block's Prices Page.
Bitcoin long-term holder sell pressure decreases
According to this week's Bitfinex Alpha report, although major cryptocurrencies have seen modest declines in the past day, sell-side pressure from long-term bitcoin holders has decreased.
"We now observe that following a period of heavy distribution by long-term holders following the $73,666 all-time high reached in March, sell-side pressure has significantly decreased," Bitfinex analysts said.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, decreased by 0.18% to 144.94 in the past day.
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