Donald Trump

It’s been a wild week for political meme coins

Published

5 months ago

July 27, 2024

“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.

It's been a wild week for political meme coins - 1 — KAMA max price chart, May 30 – July 27, 2024 | Source: CoinGecko

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.

It's been a wild week for political meme coins - 2 — Top political meme coins | Source: CoinMarketCap

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.

It's been a wild week for political meme coins - 3 — BODEN 1-month price chart | Source: CoinGecko

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

Michael Saylor is willing to advise Trump on the crypto policy

Published

3 days ago

December 21, 2024

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MicroStrategy Inc. co-founder and executive Chairman Michael Saylor says he is willing to advise Trump on cryptocurrency policy when the crypto advisory council is set.

During the Dec. 18 episode of the Open Interest show on Bloomberg Television, Saylor voiced his willingness to provide his advice on the digital assets policy to President-elect Donald Trump, either publicly or confidently, if he is asked to do so.

Before expressing his willingness to advise Trump on the crypto policy, Saylor admitted that he had already met “with a lot of people” in the incoming administration but declined to specify the personalities nor mentioned if he already met Trump.

Is Saylor fit for a position?

Since the 2020s, Michael Saylor has been one of the key Bitcoin advocates and investors. Saylor is one who puts money where his mouth is, as he personally spent around one billion dollars on BTC. In 2020, Saylor took to X (Twitter at the time) to announce that he personally owns 17,732 bitcoins and that he acquired these coins before MicroStrategy (MSTR) made the first massive purchase of bitcoins. YahooFinance! reports that currently MicroStrategy owns around 440,000 BTC, which is close to a 2% share of the entire BTC supply. MicroStrategy made headlines on the eve of the latest BTC price peak when the company was included in the Nasdaq 100 index.

Michael Saylor names Bitcoin an apex property of the human race and has an insatiable thirst for bitcoins. He compares Bitcoin to the territories like Manhattan or Alaska that were bought by the early colonist administration, specifying that Bitcoin is rather a kind of cyberspace. That’s why MicroStrategy aims to own bitcoins in bulk. According to Saylor, buying as much of this “space” as possible is crucial for the United States. This vision speaks to the statement posted by Donald Trump on the Truth Social platform. “We want all the remaining Bitcoin to be MADE IN THE USA!” the post reads.

Saylor singled out Trump as the most crypto-friendly Republican politician. It seems that Saylor shares the President-elect’s views on Bitcoin. Although not an outright GOP supporter, in September, Saylor made claims that he sees Republicans as a more progressive party when it comes to cryptocurrency regulation. He names regulation pressure decrease, treating crypto as a tool to boost the U.S. economy, and encouraging individuals to pursue their economic aims using digital finance as progressive characteristics of the Republican approach to the crypto industry.

What Do We Know About the Crypto Advisory Council?

Trump proposed the creation of a crypto advisory council during his now famous speech at the Nashville cryptocurrency conference in July 2024. As of December, not much information about the preparations of this council has been made public.

The participating companies’ lineup is not clear yet. However, it has been reported that such brands as Coinbase, Ripple Labs, Paradigm, and Andreessen Horowitz (a16z) are seeking interactions with the incoming administration. Allegedly, an a16z rep was involved in advising the Trump team during the presidential campaign. On December 6, Trump introduced entrepreneur and venture capitalist David O. Sacks as the “White House A.I. and Crypto Czar” via the Truth Social post.

It’s worth saying that, to say the least, before 2024, Trump wasn’t an avid crypto enthusiast. In the past, the President-elect made a series of anti-crypto remarks, calling Bitcoin “not money” and saying that the value of cryptocurrencies is based on thin air.

However, the 2024 Presidential campaign saw a drastic change in Trump’s stance on crypto. He started to take donations in digital currencies, visited a major crypto conference in Nashville where he promised to make America “a crypto capital of the world,” and made several important proposals concerning the cryptocurrency policy.

On top of tax cuts for the U.S. cryptocurrency companies, the removal of Gary Gensler from the SEC, and the creation of the strategic Bitcoin reserve, Trump announced the creation of the advisory body with the leading position granted to the richest man on Earth and his passionate supporter Elon Musk. This unofficial agency is called The Department of Government Efficiency, or simply DOGE, a reference to a legendary memecoin, a notorious soft place of a Tesla CEO. Who knows just what else to expect from Donald Trump when he goes crypto?

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China

China May Be On the Verge of Ending Its Bitcoin Ban

Published

6 days ago

December 18, 2024

admin

Look, I think it’s only a matter of time before China pulls a complete 180 on its Bitcoin ban. Yes, they outlawed trading and mining back in 2021, but honestly, a lot has changed since then — especially this year. Bitcoin’s momentum globally has been insane.

We’ve seen US President-Elect Donald Trump calling to stockpile Bitcoin; Bitcoin ETFs get approved, Fed Chair Jerome Powell calling Bitcoin “digital gold,” Larry Fink flipping pro-Bitcoin, and even Putin saying nice things about it. With all of this happening, I wouldn’t be shocked if China has already started quietly stacking sats (buying bitcoin).

Here’s why I think that: China doesn’t like to announce what it’s doing beforehand — it’s just not how they operate. Former Binance CEO CZ talked about this recently at the Bitcoin MENA conference in Abu Dhabi, saying that while the US loves to make big public statements about upcoming policies (like Trump announcing Bitcoin plans to court voters), Asian countries prefer to move in silence.

And let’s not forget China doesn’t have elections. They don’t need to win over public opinion like Trump does. If they’re making moves with Bitcoin, they’ll do it quietly — and we’ll find out when they’re ready to make it official.

Now, with Trump’s big push for Bitcoin and crypto, I can’t see China sitting on the sidelines for too long. This is turning into a global race, and if China wants to stay competitive, they can’t afford to miss the Bitcoin train. My gut tells me they’re already planning to unban Bitcoin and crypto — and I wouldn’t be surprised if it happens as early as Q1 next year, especially if Trump takes office.

Another big hint? Hong Kong. China has a long history of using Hong Kong as a sandbox to test things before rolling them out on the mainland. And this year, we’ve seen Hong Kong make major moves — approving Bitcoin and crypto ETFs and greenlighting more crypto exchanges. Let’s be real: this isn’t a coincidence. They are planning to eliminate crypto taxes for institutions. I think China is watching carefully, and these are early steps toward a broader shift.

In my opinion, China has likely been quietly accumulating bitcoin all along. When the time is right, they’ll unban it — and not just to compete with the US, but to lead. Watch this space. I think it’s going to happen much sooner than most people expect.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Bitcoin

Bitcoin Sell-Off Likely When This Metric Reaches 4%, Analyst Explains

Published

1 week ago

December 14, 2024

admin

Este artículo también está disponible en español.

While Bitcoin (BTC) fluctuates around the critical $100,000 price level, some investors may seek the ideal opportunity to take profits and exit the market. In this context, a CryptoQuant analysis highlights a key BTC metric that can serve as a valuable tool for crafting an exit strategy.

Have Profits In Bitcoin? Keep An Eye On This Indicator

In a Quicktake blog post published today, CryptoQuant contributor Onchain Edge shared insights into timing the sale of BTC during the current bull market. The analyst emphasized the importance of the Bitcoin supply in loss metric, noting its potential to signal when to start exiting the market to preserve profits.

For those unfamiliar with Bitcoin, the supply in loss measures the percentage of BTC held at a loss based on its last moved price. A low percentage of supply in loss typically indicates peak market euphoria and serves as a warning to secure profits before a bear market correction begins.

According to the CryptoQuant analysis, when BTC supply in loss drops below 4%, it signals a good time for investors to consider dollar-cost averaging (DCA) out of their BTC holdings and wait for the next bear market lows. Currently, the BTC supply in loss sits at 8.14%.

DCA is an investment strategy where investors allocate a fixed amount of money to an asset at regular intervals, regardless of its price. This method helps reduce the impact of market volatility and lowers the average cost per unit over time. The analyst adds:

Why? Below 4% means a lot of people are in a profit this is the peak bullrun phase. Trust me you don’t want to be bagholding because you thought we will never see a bear market again. Be fearful when others are greedy.

Analysts Confident Of Further Upside In BTC Price

While tracking the BTC supply in loss metric can help investors safeguard their profits, recent forecasts from crypto analysts suggest there might still be room for further upside before this indicator becomes crucial.

According to crypto analyst Ali Martinez, BTC forms a classic cup and handle pattern on the weekly chart. The premier cryptocurrency looks poised to break out of the bullish formation, with targets as high as $275,000.

Similarly, Donald Trump’s victory has brought fresh optimism in the crypto industry. In the recently concluded Bitcoin MENA conference in Abu Dhabi, Trump’s former campaign chairman, Paul Manafort, noted that BTC investors can “expect more than $100,000” during the ongoing market cycle.

Other forecasts remain equally bullish. Tom Dunleavy, Chief Investment Officer at MV Global, projects BTC to reach $250,000, while Ethereum (ETH) might climb to $12,000 during this market cycle. BTC trades at $100,983 at press time, up a modest 0.1% in the past 24 hours.