I've blogged quite a bit on what I've called the "Long Tail of politics," applying Chris Anderson's essential methodology to political campaigns.

Now, ABC News is reporting that Ron Paul's Long Tail strategy is paying off by topping former front-runner Presidential candidate, John McCain, in cash on hand:

ABC News' George Stephanopoulos Reports: Though often regarded as a longshot candidate for president, Republican Ron Paul tells ABC News that he has an impressive $2.4 million in cash on hand after raising an equal amount during the second quarter, putting him ahead of one-time Republican frontrunner John McCain, who reported this week he has only $2 million in the bank.

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Paul's cash on hand puts him in third place in the Republican field in that important metric, although he is well behind leader Rudy Giuliani, who has $18 million in the bank, and Mitt Romney, with $12 million.

Paul, who polls show with support in the low single digits, said his surprisingly strong fundraising is the best measure of his support.

"I think people have underestimated the number of people in this country who are interested in a freedom message," says the Republican congressman from Texas, who has strong libertarian leanings.

Further, Time's Karen Tumulty has an excellent piece on the Democratic candidates use of viral campaigns to reach significant amounts of low-dollar donors through clever strategies. [h/t TechPresident]

Again, the Long Tail of politics strategy is paying off...for some.