This week's crypto market showed a big rebound trend. The market generally believes that the main reason is the change in the situation of the US election. As the former US President Trump, the Republican candidate, was affected by the shooting during the campaign, most people believe that the Republican Party is more likely to win the election and Trump will return to the US presidency at this stage. During the campaign, Trump actively wooed crypto voters and repeatedly expressed support for cryptocurrencies. This is undoubtedly a shot in the arm for the overall confidence of the crypto market. Yesterday, the Democratic candidate and current US President Biden announced that he would withdraw from the election and support the current Vice President Kamala Harris's campaign. The move to change the leader at the last minute makes the Democratic Party's election situation not optimistic.
Of course, how could the meme players in the crypto circle miss such big news that affects the global situation? From last week’s shooting incident to yesterday’s announcement of Biden’s withdrawal from the election, they have affected the price trends of many meme coins. Today, Dr. DODO will show you what meme coins about political themes are available now!
Political Meme Coins at a Glance
The author lists here 7 meme coins with larger market capitalization and stronger community consensus, and lists the Trump Media & Technology Group stock $DJT, which is currently listed on the Nasdaq Stock Exchange and was previously run by former US President Trump, as a control group to compare the market capitalization of political meme coins in the crypto field.
Trump concept meme coin
The largest and earliest token, $TRUMP, was issued on the Ethereum chain on August 11, 2023. On the same day, the judge hearing Trump's case issued a protective order to Trump. Influenced by this news, the $TRUMP token was issued and received the support of GCR, a trader with a huge status in the crypto field. Currently, the largest personal address holding $TRUMP on Etherscan is marked with GCR.
In addition, $DJT, which caused a stir in the market a while ago and claimed to be issued by the Trump team itself, is currently the second largest coin in terms of market value. $DJT is said to be issued by Trump's youngest son Barron Trump, and has a large pool of $78.97M on the chain, which has won the favor of many whale players to buy it. However, the price plummeted after GCR jumped out to bet that $DJT was not issued by the Trump team and the famous anti-counterfeiting KOL Zach put forward a series of dialogue records to prove that $DJT was only issued by the notorious KOL Martin Shkreli. Although $DJT lacks its community and formality, the characteristics of the large pool still help its price remain at a certain level.
$MAGA, which ranks third in market value, is the political meme with the most exchanges currently listed. Major second-tier exchanges include MEXC Matcha, Gate Sesame, HTX Huobi, and BingX. The author believes that $MAGA is also the political meme coin with the most Chinese players participating. The operating team behind the token should be familiar with the Chinese crypto circle. It broke through the 300M market value within ten days of its issuance, but has now fallen sharply. In the wave of market conditions after the shooting, its performance was not as good as other tokens.
Ranked fourth is $tremp, which has the most community consensus on the Solana chain. $tremp / $boden are both taken from the homophonic names of the two candidates. The avatars are also depicted in the form of stickman cartoons to avoid infringement. It is also listed on exchanges such as Kraken. However, the price of $tremp has shown a weak trend after the emergence of $DJT. Due to poor liquidity, many SOL whales are more willing to buy $DJT.
Finally, $Fight, which is currently ranked fifth and the youngest, is a new coin that was born after the shooting last week. It is based on the scene where Trump stepped down from the stage after being shot and shouted Fight!, leaving behind the classic scene of bleeding and clenching his fist. It rose all the way to over 80M in the three days after its release and is currently showing a downward correction trend.
Source: AP photo / Evan Vucci
Other Political MemeCoins
In addition to Trump, his former opponent Biden certainly also has related meme coins. Among them, $Boden on the Solana chain has gained the most consensus and has been listed on exchanges such as Backpack and Kraken. In the early days of Biden’s campaign, its market value once exceeded 400M, but now with Biden’s withdrawal announcement yesterday, the market value has fallen all the way to less than 7M. The author believes that with Biden’s withdrawal, the ability of this token to capture the attention economy will also disappear.
At the same time, the concept meme coin $KAMA of Kamala Harris, the US Vice President who is currently the most popular candidate for the Democratic presidential candidate, has replaced the Biden concept $Boden. Since President Biden withdrew from the election after being diagnosed with the new coronavirus last week and the possibility of Kamala Harris becoming a candidate has increased, the $KAMA token has been rising all the way, rising nearly tenfold in a week, and is still at a relatively high price trend.
Author's opinion
The author believes that political-themed meme coins are relatively difficult to play among meme coins. They are interfered by too many external uncontrollable factors, including news, chips and community fundamentals. Among them, news is the most unpredictable. Compared with left-side ambush investment, the author believes that it is more suitable as a target for short-term news right-side band speculation. Another inherent disadvantage of political-themed tokens is that it is difficult to be listed on mainstream exchanges. For compliance and avoidance reasons, first-tier exchanges will hardly consider listing related theme tokens, which also makes the problem of token liquidity difficult to solve. For example, $TRUMP 330M MC, the largest market value in the sector, has a pool liquidity of less than 10M. A small pool with large fluctuations is more susceptible to manipulation by large investors. Retail investors should pay extra attention to the risks involved in the process of participation.
