June 18, 2024
People in Crypto

2024 Election Boosts Political Memecoins

U.S. Election Drives Surge in Political Memecoins for 2024
 
As the 2024 U.S. Election nears, political memecoins have become a significant trend in the cryptocurrency market. Cryptocurrencies linked to presidential candidates Joe Biden and Donald Trump are not only generating substantial interest but are also outperforming well-established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
 
Leading political memecoins in the market
 
Based on market cap data from CoinGecko as of May 30, 2024, here are the top political memecoins:
 
1. MAGA ($TRUMP)

The MAGA memecoin, inspired by Donald Trump’s “Make America Great Again” slogan, is a key player in the market. Trump’s endorsement of the crypto sector has led to the creation of various Trump-themed memecoins, with MAGA being the most prominent. Launched in August 2023, it boasts a market cap of over $582 million and has risen more than 5,800% in 2024. On May 27, 2024, Arkham Intelligence reported Trump’s possession of over 579,000 MAGA tokens, valued at approximately $7.7 million

2. ConstitutionDAO ($PEOPLE)
Formed in 2021, ConstitutionDAO aimed to buy an original copy of the U.S. Constitution. Despite raising over $40 million, the effort was outbid, and the DAO was dissolved, refunding its contributors. Participants received refunds in ETH and the $PEOPLE token. As of May 29, 2024, $PEOPLE had a market cap of $389.8 million, having increased by more than 500% year-to-date.
 
 
Additional Prominent Political Memecoins
 
3. MAGA hat ($MAGA)
Launched on May 16, 2024, and inspired by Trump’s red hat, the MAGA Hat memecoin quickly gained traction. It surged over 5,000% within two weeks, reaching a market cap of $216.2 million by May 30, 2024.
 
4. Jeo Boden ($BODEN)

This parody token, intentionally misspelling Joe Biden’s name, was introduced on the Solana blockchain in March 2024. Despite Biden’s cautious approach to cryptocurrency, the token has risen over 750%, with a market cap of $204.8 million as of May 30, 2024.
 
5. Doland Tremp ($TREMP)
TREMP, another parody token misspelling Donald Trump’s name, launched in March 2024 and has seen a 788% increase, with a market cap of $204.8 million, paralleling BODEN’s performance.
 
Expert Opinions and Future Outlook
 
Andrew Kang from Mechanism Capital has strategically invested in Trump-related memecoins and NFTs in anticipation of the November 2024 U.S. Election. Kang asserts that Trump’s frequent media presence will boost the popularity of these tokens. “Meme coins are all about the attention economy, and Trump is probably one of the best attention monopolizers in the world,” said Kang.
 
The U.S. Election’s Influence on the Crypto Sector
 
The approaching U.S. election has markedly impacted the crypto market, with memecoins associated with Joe Biden and Donald Trump attracting significant attention and gains. As the election date draws closer, the volatility and performance of these tokens are expected to continue engaging traders and investors.

Image by Tumisu from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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