The past week has been a whirlwind in the world of cryptocurrency and politics, with unexpected twists and turns shaking things up. Trump-themed meme coins have taken the crypto world by storm, experiencing impressive gains and leaving popular cryptos like Dogecoin and Shiba Inu in the dust. At the same time, the 2024 US presidential race is heating up, with the odds currently favoring Donald Trump over Kamala Harris. Let’s delve into the details of this captivating week.
Trump-Themed Meme Coins Make Waves
Tokens like Maga Memecoin (TRUMP/USD), MAGA Hat (MAGA/USD), and Donald Tremp (TREMP/USD) witnessed a surge on Monday, fueled by Trump’s rising chances in the upcoming election. Data from Coinmarketcap revealed these political meme coins nearing a total market cap of $700 million, a remarkable 11% increase in just 24 hours. The current odds, based on Polymarket traders, place Trump with a 66.1% chance of winning, with Kamala Harris trailing at 33.9%.
Nate Silver’s Election Forecast
Renowned statistician Nate Silver sees the 2024 US presidential race as a tight contest, a near coin flip, with Trump narrowly edging out Harris. As of October 31st, Silver’s forecast gives Trump a 53.4% chance of winning, compared to Harris’s 46.2%. This close margin highlights the intense polarization and competitiveness of this election.
Gen Z’s Path to Financial Freedom
Chamath Palihapitiya, a prominent investor, has observed that Gen Z is redefining financial freedom, moving away from the traditional 9-to-5 job model. Palihapitiya notes a rising number of young individuals engaging in side hustles such as cryptocurrency trading (like Bitcoin [BTC/USD]) and options trading on platforms like Robinhood and Coinbase. This shift signifies a departure from the traditional notion that wealth is primarily earned through one’s job.
Bitcoin Breaks $70K
Leading cryptocurrencies experienced a surge on Monday, with Bitcoin breaking through the $70,000 mark after a five-month hiatus. The world’s largest cryptocurrency crossed this elusive level late evening, building upon the positive momentum from the weekend. Ethereum also soared to $2,585 after trading sideways earlier in the day.
Cat-Themed Coins Rally
Cat-themed coins, such as Mog Coin (MOG/USD) and Popcat (POPCAT/USD), rallied on Tuesday as the broader altcoin market celebrated Bitcoin’s surge above $70,000. Coinmarketcap data showed cat-themed tokens approaching a total market capitalization of $5 billion, representing a 9.3% increase over 24 hours. Meme coin trader meme-millions predicted cat coins could reach a valuation of $20–$50 billion.
The past week has been a rollercoaster ride in the crypto and political spheres, demonstrating the dynamic nature of these spaces. The surging interest in Trump-themed meme coins, Bitcoin’s impressive rise, and Gen Z’s evolving approach to financial freedom highlight the ongoing shifts and opportunities in these domains.
