Donald Trump
It’s been a wild week for political meme coins
Published
2 months agoon
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admin“Jeo Boden” is now 98.2% off an all-time high set three months ago, while “Kamala Horris” has rallied by 3,875% since May. Some political meme coins have market caps in the millions.
As if the crypto markets weren’t crazy enough, another surreal trend has gained huge ground in recent months: meme coins based on U.S. political candidates.
They’re often accompanied by surreal cartoon avatars of the person in question… and tend to spell their name wrong deliberately.
Following the seismic events of recent days, with Kamala Harris gaining enough support to secure the Democratic nomination after Joe Biden quit the race, these digital assets have been even more volatile than usual.
The likes of 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’ll happen next.
KAMA, a Solana-based memecoin that’s inspired by the current Vice President, was initially launched on May 30 — and at the time, it had a value of just $0.0006.
Fast forward to now and it’s accelerated by a staggering 3,875% — breaking the $0.02 barrier with a fully diluted market valuation of $25.4 million.
This reflects Harris’s growing momentum as she steps up to face Trump in November’s race. According to her team, $100 million has been donated to the Harris campaign since launch, with a record-breaking $81 million coming in on the first day alone. Meanwhile, prediction markets are showing that her chances of victory in the fall are continuing to increase with every passing day.
As you might expect, given his crypto-friendly stance, the most valuable coins in the “PoliFi” meme coin movement all relate to Trump — and often include riffs on his long-running “Make America Great Again” slogan.
But a lot of these Republican-centered coins have taken an almighty beating recently. The biggest token of all, TRUMP, still has a market cap of $279 million but has shed 20.6% of its value in a week.
Spare a thought for those who held Jeo Boden, too. BODEN is now languishing at $0.01171 after plunging more than 50% over the past seven days — with most of those losses occurring after Sunday’s sudden announcement. This meme coin set a new all-time high of $1.07 back in April, but it’s now down by over 98%. Given that President Biden will bow out of the political limelight when his one and only presidential term ends in January, this is an asset unlikely to recover.
It’s figures like these that show the sheer unpredictability and brutality of gaining exposure to political meme coins. Not only can it be difficult to cash in on profits because of low liquidity, but bearish downturns can be both swift and brutal.
A dark trend
Beyond betting on the runners and riders in the presidential race, and following their fortunes in the news cycle, there’s another worrying trend: tokens that are being established in the wake of misinformation that’s circulating online.
Earlier this week, unsubstantiated rumors were swirling that Joe Biden had died, with some of the accounts that shared these falsehoods attracting tens of thousands of reposts on X.
This has had a direct impact on the memecoins being launched through sites like Pump.fun — with the likes of BIDEAD and BIDONE hitting the market. One particularly crass digital asset has an avatar that appears to show Biden’s skeleton.
What’s going to happen next?
It doesn’t take a world-class crypto trading analyst to deduce that the value of Biden-related memecoins will continue to plunge in value.
But it’s going to be interesting to see what Donald Trump’s imminent appearance at Bitcoin 2024 in Tennessee — scheduled for later today — will do to the likes of MAGA and TRUMP.
Bullish overtures about the future of the crypto market in Nashville could give some of these tokens a second wind.
Alternatively, it might end up being more of a “sell the fact” scenario — with interest in these tokens waning as soon as he steps off the stage.
With three-and-a-half months still to go until the U.S. heads to the ballot box, the rollercoaster ride concerning political meme coins shows no sign of abating soon.
And there’s little doubt that brand-new tokens will continue to emerge in response to developments on the campaign trail — such as the Democratic National Convention in August, a potential debate between Harris and Trump on television, and announcements related to who Harris’s VP pick might end up being.
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Donald Trump
Donald Trump Makes Historic Bitcoin Payment At PubKey
Published
1 day agoon
September 19, 2024By
adminToday, history was made as President Donald Trump became the first US president to make a Bitcoin payment.
WATCH: 🇺🇸 DONALD TRUMP MAKES FIRST #BITCOIN TRANSACTION AT NYC BAR pic.twitter.com/rAjae6agH1
— Bitcoin Magazine (@BitcoinMagazine) September 18, 2024
The former President showed up to PubKey, a Bitcoin-themed bar located in the heart of Greenwich Village, New York City, to purchase some cheeseburgers (on National Cheeseburger Day) at the establishment, which was packed with Bitcoin enthusiasts there to welcome him.
“I think it’s a great place,” Trump said to Bitcoin Magazine about PubKey, before urging the types of Bitcoin enthusiasts who frequent the bar to vote this November.
“Get out and vote, because if you vote, we cannot lose. We want to get everybody that agrees with you people — and there’s a lot of people — [to vote],” he added.
“They’ve been treating you very badly at the SEC, and we’re going to treat you very fairly.”
Regarding the payment, Trump said it was easy to make and that it went through “quickly and beautifully.”
One of the most historic transactions in #bitcoin history was just made.
President @realDonaldTrump buying burgers at @PubKey_NYC with @tpacchia.
Block height: 861871
You saw it here first. pic.twitter.com/moHUIKDxej
— PUBKEY (@PubKey_NYC) September 18, 2024
After making the transaction, Trump, escorted by one of the bar’s owners, Thomas Pacchia, introduced himself to all in attendance.
“This was one of the most important Bitcoin transactions of all time,” said Pacchia.
“President Trump came to PubKey to connect with the Bitcoin community — to show his support to the Bitcoin community,” he added.
“We are very excited he was here.”
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cryptocurrency
MAGA, FIGHT, and DJT surge as Trump’s crypto project announces WLFI token
Published
3 days agoon
September 17, 2024By
adminDonald Trump-themed cryptocurrencies surged as World Liberty Financial announced a new governance token.
Fight to MAGA (FIGHT) led the charge with a massive surge of over 150%, pushing its valuation to $10.3 million. TrumpCoin (DJT) also saw a strong rally, climbing 28% to reach $0.00032, its highest since Aug. 7, with daily trading volumes near $1 million. Meanwhile, MAGA (MAGA) rose by 18% over the past day, with a daily trading volume of $11.48 million.
All these gains helped push the total market cap of political-themed tokens past $481 million. Meanwhile, the community sentiment around the tokens had also turned bullish according to Coinmarketcap data.
These tokens rallied after Donald Trump’s crypto initiative, World Liberty Financial, announced its plans to release a governance token named WLFI.
WLFI has been advertised as a non-transferable governance token, allowing holders to propose and vote on platform-related matters. Approximately 63% of the total token supply is designated for public sale, with 17% for user rewards, and the remaining 20% for the team and advisors.
While the token’s launch date remains undisclosed, the project team has confirmed that sales will be limited to accredited investors.
Despite the rise on Sept. 17, political-themed tokens have been experiencing a downturn, with their total market cap now down to $481 million.
These tokens tend to gain prominence during election seasons, potentially losing much of their relevance after the elections conclude. Traders often refer to these as “event coins” because their prices are influenced as the date of the related event approaches.
However, in the short term, these coins could see further gains if Bitcoin (BTC) breaks past its previous high, as meme coins often thrive during Bitcoin’s bull runs. Factors that could drive Bitcoin’s price higher include possible cuts in Federal Reserve rates, a weakening US dollar, and a continuing stock market rally.
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Donald Trump
World Liberty Financial, Crypto Project Promoted by Trump Family, Confirms Plan for WLFI Token
Published
3 days agoon
September 17, 2024By
adminAs of now, the token will be sold only to accredited investors under what is known as a Regulation D exemption from the Securities and Exchange Commission (SEC). Regulation D exemptions allow companies to raise capital without registering securities with the SEC, primarily by offering securities to accredited investors or in small, private offerings.
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