Memecoins
$BODEN Soars, $TRUMP Dominates PolitiFi Memecoins as Crypto’s Voice Resonates Louder in Politics
KEY POINTS
- A senior Biden adviser joined crypto executives at a roundtable hosted by Democrats
- Bitcoin 2024 organizers confirm Trump will speak at the industry’s biggest event this year
- $BODEN is up over 22% in the past 24 hours, while $TRUMP has taken the top spot among CoinGecko’s top PolitiFi tokens
Crypto left a sour taste in the mouths of politicians in the early days of the industry, but by 2024, the sector has apparently become a topic worthy of discussion in some political circles.
Biden campaign on the move?
Incumbent President Joe Biden’s re-election campaign has been criticized by cryptocurrency users in recent months for its silence on digital assets, but recent reports have revealed that the team may be working behind closed doors to better understand the industry.
On Wednesday, a senior adviser to the president honored a round table hosted by a Democratic representative, where crypto executives such as Ripple CEO Brad Garlinghouse raised concerns about crypto and politics.
Trump campaign steps up action
On the Republican side, former President Donald Trump’s campaign team has portrayed the business tycoon as someone who is now interested in the cryptocurrency sector. Trump has previously called Bitcoin a “scam,” but in recent months he has spoken more favorably about the industry and even promised to help Bitcoin mining in the United States flourish.
Trump to speak at highly anticipated Bitcoin Conference 2024 in Nashville later this month. It’s billed as the biggest crypto event this year and will bring together some of the industry’s top executives and other candidates who have expressed support for the sector’s growth.
Tokens evolve with current events
It appears that Biden and Trump-based tokens have been affected by the news of the roundtable and the confirmed presence of the Republican presidential frontrunner in Bitcoin 2024.
Some Biden and Trump memecoins have surged following news of the presidential candidates’ cryptocurrency-related activity. CoinGecko
Biden’s stock, Jeo Boden ($BODEN), soared more than 13% on Thursday night, according to CoinGecko data. The token is up 22.4% in the past 24 hours and is up over 70% in the past week.
Similarly, Trump-themed MAGA ($TRUMP) took the top spot on CoinGecko’s list of the top 10 PolitiFi memecoins by market cap. It’s up 4.8% in the past 24 hours and is up more than 33% in the past seven days, according to data released Friday morning.
A “popularity check” tool
Max Jones, co-founder of Solana blockchain memecoin launchpad MemePad, previously said that PolitiFi tokens “currently serve as an unusual litmus test” for U.S. presidential candidates. Candidate-based memecoins may also “serve as a litmus test” for U.S. presidential candidates. popularity check,” he said.
Crypto’s voice will be heard
Billionaire and noted advocate for digital asset adoption Mark Cuban said that “crypto voters “We’re going to hear these comments in this election,” adding that Congress should take note as well, not just Biden or Trump.
It’s unclear how loud crypto’s voice will be in November 2024, but at least based on the Republican Party’s 2024 platform, it appears that crypto has become a big enough industry to take the top spot on the GOP’s innovation priorities.