Donald Trump and Kamala Harris-themed memecoins see mixed trading on Election Day

Election Day has arrived in the United States. More than $3 billion has been placed through decentralized prediction platform Polymarket in the race between Republican candidate and former President Donald Trump and Democratic candidate and Vice President Kamala Harris.

While crypto traders expect a 3.5% swing in bitcoin prices on election night, memecoin traders are looking for much larger swings.

The most popular memecoins by market cap inspired by Trump have sold off over the past week, but some smaller coins are ticking higher heading into Tuesday evening. It should be noted these tokens have no official affiliation with any political figures and as with many memecoins, traders should be wary of possible scams.

MAGA (ticker TRUMP) is the largest of the bunch with a market cap of around $154 million, according to CoinGecko. The token has dropped 17% over the past seven days to trade around $3.40 at publication time. MAGA Hat (MAGA), Super Trump (STRUMP) and Fight to MAGA (FIGHT) have all sold off nearly 30% over that time.

Doland Tremp (TREMP), which sports a $35 million market cap, has recovered a big chunk of its weekly selloff by rising 15% over the past 24 hours.

Several of the aforementioned memecoins spiked sharply higher Tuesday evening as early election results began filing in around 7:30 p.m. ET.

On the other side, Kamala Horris (KAMA) is the largest Harris-themed memecoin with a $10.5 million market cap. That token has surged 40% over the past week to trade around $0.01043 at publication time. The once-popular Jeo Boden (BODEN) token is down 21% over the past week with its market cap falling under $3 million. BODEN peaked at around $0.95 back in April, before President Joe Biden dropped his election bid.

Meanwhile, more than 40 tokens referencing Trump were issued on the Ethereum blockchain in the past 24 hours alone, and more than 1,000 were created on Solana, CoinDesk reported citing data from Dextools.

The GMCI Meme, which contains the leading memecoins by market capitalization, is up 7.1% to 280.28. The index is up 187% in the year-to-date period.

Among the 20 largest cryptocurrencies by market cap, Dogecoin is leading the way up 6.9% to $0.18 over the past 24 hours. The price of bitcoin is up 3%, according to The Block's price page.

Trump has labeled himself the crypto candidate this election season, while Harris has been more muted on the topic. A win for Trump has been viewed as very favorable for the crypto industry.

"It will be the policy of my administration...to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," Trump said in July. "This will serve in effect as the core of the strategic national bitcoin stockpile...It's been taken away from you."

However, a Trump win could be more impactful for Ethereum and other altcoins, according to Bitwise CIO Matt Hougan.

"Of course, in the short term, crypto favors a Trump victory over a Harris victory, but really, Bitcoin doesn't need Washington to succeed," Hougan told Yahoo Finance on Oct. 30. "...I think the regulatory clarity you're talking about actually matters more for the so-called altcoins, for Ethereum on down. Those are more exposed to regulatory risks, so I would expect an altcoin rally, even more so than a Bitcoin rally in the event of a Trump win."