Donald Trump-themed cryptocurrencies surged as World Liberty Financial announced a new governance token.

Political Tokens See Significant Gains

Fight to MAGA (FIGHT) led the charge with a massive surge of over 150%, pushing its valuation to $10.3 million. TrumpCoin also saw a strong rally, climbing 28% to reach $0.00032, its highest since Aug. 7, with daily trading volumes near $1 million. Meanwhile, MAGA Hat rose by 18% over the past day, with a daily trading volume of $11.48 million.

All these gains helped push the total market cap of political-themed tokens past $481 million. Meanwhile, the community sentiment around the tokens had also turned bullish according to recent data.

World Liberty Financial’s Governance Token

These tokens rallied after Donald Trump’s crypto initiative, World Liberty Financial, announced its plans to release a governance token named WLFI. WLFI has been promoted as a non-transferable governance token, allowing holders to propose and vote on platform-related matters. Approximately 63% of the total token supply is designated for public sale, with 17% for user rewards, and the remaining 20% for the team and advisors.

Market Trends and Future Outlook

Despite the rise on Sept. 17, political-themed tokens have been experiencing a downturn, with their total market cap now down to $481 million. These tokens tend to gain prominence during election seasons, potentially losing much of their relevance after the elections conclude. Traders often refer to these as “event coins” because their prices are influenced as the date of the related event approaches.

In the short term, these coins could see further gains if Bitcoin breaks past its previous high, as meme coins often thrive during Bitcoin’s bull runs.

Factors that could drive Bitcoin’s price higher include possible cuts in Federal Reserve rates, a weakening US dollar, and a continuing stock market rally.

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