Memecoins
PolitiFi’s Memecoins may be the “litmus test” for 2024 presidential candidates: expert
KEY POINTS
- Several Trump-themed tokens are leading the PolitiFi memecoin rush
- Biden and Kennedy Jr. themed memecoins are still in the running despite the popularity of Trump tokens
- PolitiFi Tokens Can Serve as ‘Popularity Check’ for Presidential Candidates: MemePad Cofounder Max Jones
PolitiFi memecoins, or cryptocurrency tokens that have themes built around political movements and figures, are taking the digital asset world by storm, and for one cryptocurrency executive, these coins could play a crucial role in gauging the popularity of presidential candidates vying for the top spot in the White House later this year.
Political memecoins have gained a lot of popularity in the digital asset space not only because they encourage engagement among users, but also because they have been used to raise awareness about certain political movements and causes.
Many PolitiFi memecoins today revolve around key figures in the US political space, including former President Donald Trump, incumbent President Joe Biden, and independent presidential contender Robert F. Kennedy Jr. The largest portion of PolitiFi memecoins today is a Trump theme.
“PolitiFi memecoins significantly reflect the public image of the industry in relation to the ongoing election campaigns in the United States. With three potential candidates – Trump, Biden and Kennedy Jr. – eyeing the Oval Office, a thriving memecoin ecosystem these politicians,” Max Jones, the co-founder of the leading token launchpad on the Solana blockchain, MemePadhe told the International Business Times.
Most PolitiFi memecoins were in the green Thursday morning. CoinGecko
Indeed, there has been a lot of activity around political tokens in recent days. Among the biggest gainers over the past seven days is Trump Mania (TMANIA), which has seen an incredible 116.4% surge over the past week, according to data from CoinGecko. Baby Trump (BABYTRUMP) is also up, up 17.6%, and FreeTrump ($TRUMP) is up 18.8%. Maga Pepe (MAGAPEPE) is up 80.7% in the last seven days and up 52.3% in the last 24 hours.
Kennedy Memecoin (BOBBY) is down 23.3% over the past week, but is up 10.3% over the past day as of early Thursday morning. Jeo Boden Coin (BODEN) is down over 18% over the past 24 hours, but is up 2.9% over the past week.
For Jones, the current atmosphere in the memecoin space around Trump “may take precedence in his cryptocurrency-focused campaign.” The crypto community was abuzz earlier this week amid reports that Trump might speak at the Bitcoin 2024 event in Nashville next month.
The business tycoon has recently positioned himself as pro-cryptocurrency and has increasingly pledged support for the sector should he secure a second term in the November 2024 elections.
“As the campaign heats up, these memecoins can serve as a popularity check between the respective candidates. While their volatility is tied to the hype around the politicians they follow, their growth also requires deep learning about the broader market,” Jones noted.
Memecoins are extremely volatile and can change the situation from the red line to the green line in a matter of minutes. On the other hand, some political memecoins such as the MAGA token (TRUMP), are steadily rising, even at a much slower pace than Bitcoin and other major cryptocurrencies.
In a world where American voters are increasingly interested in cryptocurrencies, as demonstrated in a May Survey which revealed that 47% of US voters “indicated they expect a portion of their investment portfolio to include cryptocurrencies,” memecoin’s popularity may play a role.
Jones noted that only time will tell whether memecoins can actually “stand the test of time.” On the other hand, they “currently serve as an unusual litmus test for Trump, Biden and RFK.” In politics, the litmus test is a question asked of political candidates for high positions. Their responses will determine the nominating officer’s decision.