Memecoins
US Election Meme Coins Slip as Presidential Debates Loom: Is Now the Time to Buy?
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US presidential election-themed meme coins have fallen sharply with the recent downturn in the crypto market. BODEN, linked to Joe Biden, fell 24% in the last 24 hours, while MAGA and TREMP, linked to Trump, suffered declines of up to 43% and 36%, respectively. Experts said this could be a good entry point to speculate, but advise caution when betting on meme coins.
As reported According to Crypto Briefing, “Trump coins” took a particularly significant hit with the announcement that the presidential candidate could be behind the DJT token distributed by profile X of the Pirate Wires newsletter. It turned out that Mike Solana, founder of Pirate Wires, and the newsletter’s X profiles had been compromised.
Given that “election coins” are currently considered a hot story in the crypto space, and considering the US presidential debates taking place on June 27, investors are wondering if the current decline is a good point of focus. entry to speculate with these meme coins.
Ben Kurland, CEO of DYOR, believes that the recent pullbacks indeed present an interesting opportunity for speculative investors, especially considering their relationship to political events and Trump’s statements.
“If we look at MAGA, for example: the coin jumped 78% following Trump’s pro-crypto comments earlier in May. Now, the same factors can also contribute to large declines, such as the significant declines following Trump’s legal troubles. Much will depend on the upcoming sentencing following his recent guilty verdict in New York, where there is considerable uncertainty,” he added.
Additionally, Kurland believes that if a harsh sentence is imposed, Trump-related coins could collapse even further. “However, if the court shows leniency, which is likely due to the unprecedented nature of these charges, this event could trigger a significant rise in prices.”
Darren Franceschini, co-founder of Fideum, warns investors to remain vigilant and cautious when considering investing in meme coins, regardless of political affiliation.
“It’s really important to recognize that the meme world is often dominated by large investors, or ‘whales,’ who can manipulate these assets to their advantage, often to the detriment of smaller investors,” he explained.
Keeping steam for H2?
Kurland believes election plays will likely remain strong in the second half, especially as the U.S. presidential election approaches. Notably, meme coins tied to political figures and events have historically experienced an increase in volume and price during election periods, and the roadmaps of these coins are closely tied to election-related events.
“Those who capitalize on current narratives and popular topics are likely to achieve the best results, especially when linked to the winner of a specific competition,” added the DYOR CEO.
Still, given that more than 13,000 tokens are created daily on Solana, Franceschini does not believe the current election narrative will remain influential.
“While we can see that space offers significant opportunities and further developments could emerge, the sheer volume of meme pieces created daily makes the impact of each individual piece relatively insignificant in comparison, in my opinion.”
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