At 8:00 AM UTC+8, Bitcoin was priced at $67,857, showing a -1.33% decrease, while Ethereum stood at $2,398, down by -2.41%. The market's 24-hour long/short ratio in the futures market was almost balanced at 49.2% long versus 50.8% short positions. The Fear and Greed Index, which measures market sentiment, was at 70 yesterday and also stayed at the Greed level today at 70 today. As the U.S. presidential election nears, the crypto world is experiencing a surge in activity. From political memecoins tied to election outcomes to major fund inflows driven by political hype, the intersection of politics and cryptocurrency has created a whirlwind of speculation and opportunity. 

1. The Ethereum whitepaper has been available for 11 years.

2. Solana’s on-chain DEX has achieved a weekly trading volume of $12.7 billion, ranking first for four consecutive weeks.

3. Bitcoin mining difficulty rose by 6.24% this morning, reaching a new high of 101.65 T.

4. OpenSea's CEO announced the platform has been completely rebuilt and will relaunch in December.

5. Trump's winning probability on Polymarket has increased to 59.1%.

Crypto Fear & Greed Index | Source: Alternative.me 

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Read More: Crypto Market Braces for Election Volatility, November Token Unlocks, and Peanut Memecoins: Nov 4

Hype, a new memecoin trading platform, launched the President Memecoin Index to help traders track and trade tokens tied to the upcoming U.S. election. Since the presidential debate in September, Trump-themed tokens have surged by 86.9%.

Hype operates on Solana and Base and offers traders a way to track the biggest memecoins linked to the U.S. election. These tokens include Doland Tremp (TREMP), MAGA token (TRUMP), Donald Trump (TRUMP), Kamala Horris (KAMA), Krazy Kamala (KAMALA), and KAMALA HARRIS (HARRIS). Though not officially affiliated, these tokens reflect interest around the candidates.

Ravi Bakhai, founder of Hype, explained that political memecoins often lack a single unifying token. For example, several tokens may be associated with a president, so the index helps capture broader interest around the trend. The index acts like betting platforms, offering insight into election sentiment by analyzing token performance.

Political memecoins belong to a new trend called PoliFi, which combines politics and decentralized finance. For example, MAGA Memecoin now has nearly 100,000 holders across Ethereum, Solana, and Base, showing its appeal beyond the typical memecoin audience.

Bakhai explained that people can buy a candidate’s token if they believe in their success. As attention grows for a candidate, their token's value rises, turning political interest into price gains.

The index data shows the Trump-themed tokens up by 86.9% since mid-September. Tokens linked to Kamala Harris have increased by 48.9%. The trends mirror what prediction platforms like Polymarket and Kalshi are showing. Trump led by a wide margin, but Harris has been closing the gap.

Source: Polymarket

Polymarket puts Trump's chances of winning at around 57%, down from over 66% at the end of October. Bakhai highlighted the difference between token trading and prediction markets: memecoins have no limit to their price upside. Token prices may keep climbing long after the election results come out.

Read More: Top PolitiFi and Trump-Themed Coins Amid US Elections 2024

Flows by assets (in millions of US dollars). Source: CoinShares

Crypto investment products saw $2.2 billion in inflows from October 26 to November 2. Year-to-date (YTD) inflows reached a record $29.2 billion, as reported by CoinShares. The four weeks of consecutive inflows totaled over $5.7 billion, representing 19% of all YTD inflows.

The latest surge in crypto fund inflows pushed total assets under management to over $100 billion for only the second time in history. This matched levels previously seen in June, which stood at $102 billion.

James Butterfill, CoinShares' head of research, attributed the inflows to excitement around the U.S. presidential election. Butterfill noted that euphoria about a possible Republican victory drove early inflows, but the shifting polls led to some outflows at the end of the week. He emphasized that Bitcoin remains particularly sensitive to U.S. election news.

Last week, Bitcoin received most of the inflows, reaching $2.2 billion, as its price neared all-time highs. Investors also poured $8.9 million into short-Bitcoin products, positioning themselves to profit from potential price drops.

Read More: Bitcoin Prediction to $100K, GRASS Airdrop Sets Records, and Robinhood's Crypto Surge: Oct 31

Leena ElDeeb, a research analyst at 21Shares, compared Ethereum to Amazon in the 1990s. She said Wall Street investors still underestimate Ethereum’s potential. According to ElDeeb, big inflows will come once people recognize Ethereum's value.

Spot Ether exchange-traded funds (ETFs) launched in July but have seen modest inflows compared to Bitcoin ETFs. ElDeeb explained that, like Amazon, Ethereum started with a simple purpose—smart contracts—but it now supports over $140 billion in decentralized finance (DeFi) applications.

Federico Brokate, vice president at 21Shares, noted that Amazon started as a bookstore before transforming into a digital powerhouse. He believes Ethereum’s development follows a similar path, from supporting basic applications to becoming a major force in decentralized finance.

Source: X

Source: X

As the U.S. election approaches, Trump supporters are rallying around a trending PolitiFi project called MAGA Memecoin (TRUMP). PolitiFi tokens blend politics, pop culture, and crypto. They create digital communities where supporters invest in a cause, a candidate, or a vision.

PolitiFi tokens like MAGA Memecoin aim to keep political discussions alive while encouraging engagement. MAGA Memecoin is a tribute to Donald Trump and his "Make America Great Again" (MAGA) movement.

The token’s creators said that Trump is "the most memetic human ever," and the memecoin captures this attention. MAGA Memecoin isn’t just about memes—it has a mission. The team distributed one million branded TRUMP napkins to bars and restaurants across the U.S. to spread awareness. Each napkin links to a platform where users can easily buy TRUMP using Apple Pay.

MAGA Memecoin has lasted beyond the usual lifespan of most memecoins. The team has also donated over $2 million to nonprofits supporting veterans and fighting child trafficking. This charity-driven approach gives MAGA Memecoin a real-world purpose.

Every week, MAGA supporters gather on platforms like X, featuring political guests like Roger Stone and Antonio Brown. The community also launched a video game called "Make Cats Safe Again," where a pixelated Trump must save cats to win the presidency. MAGA Memecoin now has nearly 100,000 holders across Ethereum, Solana, and Base, showing its appeal beyond the typical memecoin audience.

Source: X

Crypto traders are jumping on the Peanut the squirrel trend. Peanut’s story went viral, inspiring memecoins on the Solana-based Pump.fun platform.

Two of the biggest squirrel tokens—PNUT and Nut In Profit (NIP)—now have over $37 million riding on them. Nut In Profit launched just six hours before the story broke. Pump.fun allows anyone to launch a token using a bonding curve mechanism that raises prices as demand increases. Once a token hits $69,000 in market cap, it automatically migrates to Solana’s decentralized exchange, Raydium.

Elon Musk, also posted about Peanut on X, adding to the hype. Musk is known for boosting memecoin popularity, especially with Dogecoin.

The upcoming U.S. election has sparked a wave of hype, speculation, and creative projects in the crypto space. From Hype's President Memecoin Index, which tracks political tokens, to PolitiFi projects like the MAGA Memecoin and even squirrel-themed tokens inspired by Peanut, investors are using memecoins to speculate on political outcomes and leverage cultural moments to create digital assets. As election day approaches, crypto traders should be prepared for increased volatility and new opportunities.

Read more: Bitcoin Price Prediction Ahead of the 2024 US Election: Bullish or Bearish?