Memecoins
It’s been a busy week for political coins
“Jeo Boden” is now 98.2% off its all-time high set three months ago, while “Kamala Horris” is up 3,875% since May. Some politically themed cryptocurrencies have multi-million dollar market caps.
As if the crypto The markets weren’t crazy enough, another surreal trend has gained huge ground in recent months: Meme Coins based on WE political candidates.
They are often accompanied by surreal cartoon avatars of the person in question…and tend to deliberately misspell their name.
Following the seismic events of recent days, with Kamala Harris earn enough support to secure the Democratic nomination after Joe Biden to leave The race, these digital assets have been even more volatile than usual.
Personalities like Kamala Horris (KAMA), “Jeo Biden” and “Donald Tremp” are rapidly changing in value as opportunistic traders try to navigate the crypto landscape — and figure out what happens next.
KAMA, a Solana-a memecoin themed around the current vice president, was initially launched on May 30 and at the time was worth just $0.0006.
KAMA Maximum Price Chart, May 30 – July 27, 2024 | Source: CoinGecko
Fast forward to today and the figure has accelerated 3,875%, breaking through the $0.02 barrier with a fully diluted market valuation of $25.4 million.
It reflects Harris’ growing momentum as she prepares to take on Trump in the November race. According to her team, $100 million has been Given to the Harris campaign since its launch, with a record $81 million raised on its first day alone. Meanwhile, prediction markets are showing that his chances of victory in the fall continue to increase day by day.
As expected, given its Pro-crypto positionThe most valuable coins in the “PoliFi” meme coin movement are all linked to Asset — and often include references to his long-standing slogan “Make America Great Again.”
Best Political Memes | Source: CoinMarketCap
But many of these Republican-centric cryptocurrencies have suffered heavy losses recently. The largest token of all, TRUMP, still has a market cap of $279 million, but has lost 20.6% of its value in a week.
Also spare a thought for those who detained Jeo Boden. BODEN is now languishing at $0.01171 after plunging more than 50% in the past seven days — most of those losses came after Sunday’s sudden announcement. The meme coin set a new all-time high of $1.07 in April, but is now down more than 98%. Given that President Biden While he will retire from the political scene when his one and only presidential term ends in January, this is an asset unlikely to recover.
It’s numbers like these that show how unpredictable and brutal exposure to political meme coins can be. Not only can it be difficult to cash in on profits due to the low liquiditybut bearish slowdowns can be both rapid and abrupt.
BODEN 1-month price chart | Source: CoinGecko
A dark trend
Beyond betting on presidential candidates and tracking their fortunes in the news cycle, there is another worrying trend: the tokens that are created as a result of misinformation circulating online.
Earlier this week, unfounded rumors circulated that Joe Biden had died, and some of the accounts sharing these falsehoods attracted tens of thousands of reposts on X.
This has had a direct impact on memecoins launched on sites like Pump.fun, with sites like BIDEAD and BIDONE popping up on the market. One particularly crude digital asset has an avatar that appears to show Biden’s skeleton.
What will happen next?
It doesn’t take a world-class crypto trading analyst to deduce that the value of Biden-related memecoins will continue to fall.
But it will be interesting to see what Donald Trump’s impending appearance at Bitcoin 2024 in Tennessee – scheduled for later today – will do to the likes of MAGA and TRUMP.
Bullish openings on the future of the Nashville cryptocurrency market could give some of these tokens a second wind.
Alternatively, this could end up being more of a “selling the facts” scenario – with interest in these tokens waning as soon as he leaves the scene.
With three and a half months to go until the US presidential election, the roller coaster of political coins shows no signs of slowing down.
And there’s no doubt that new tokens will continue to emerge in response to developments on the campaign trail — like the Democratic National Convention in August, a potential televised debate between Harris and Trump, and announcements related to Harris’ vice presidential pick.