Currently, the cryptocurrency market is dominated by meme coins, which has spawned a new and unique category: political meme coins, or PolitiFi for short. With the 2024 US election approaching, this emerging asset class has attracted a lot of attention. The names of PolitiFi tokens are inspired by political figures such as Donald Trump and Joe Biden, and they have no official connection with the individuals they satirize.
These tokens cleverly draw on the imagery of these well-known figures, often using altered spellings for comedic effect, with codes like BODEN and TREMP being prime examples. The launch of these tokens couldn’t be more timely, coinciding with an era in which cryptocurrency and political narratives are increasingly intertwined.
Additionally, CoinGecko, one of the leading crypto data aggregators, officially classified these tokens into the new PolitiFi section on March 5[1]. Currently, the market cap of PolitiFi Memecoin has reached $1.12.
Despite their lack of official association or actual usage, the upcoming US presidential election could significantly impact their market value, as political developments and comments made by politicians on their behalf could lead to a sudden shift in their valuations. Let’s explore the top five PolitiFi tokens and meme coins currently shaping this market.
ITSELF
The MAGA[2] meme coin is one of the earliest political meme coins on the market, inspired by former US President Donald Trump's "Make America Great Again" slogan. Trump's support for the cryptocurrency space has increased his popularity in the community, giving rise to many Trump-themed meme coins. MAGA is the most notable of them all, with the highest market valuation.
The MAGA meme coin was launched in August 2023, and by June 2024, its market cap had exceeded $365 million, making it the world's leading political meme coin. In 2024, it grew by more than 4,800%, making it one of the best performing coins of the year. Cryptocurrency traders often use tokens such as MAGA to speculate on the outcome of the U.S. presidential election.
On May 27, 2024, crypto research firm Arkham Intelligence reported that Trump owns more than 579,000 MAGA tokens, worth more than $7.7 million.
FLOOR
The rapid rise of the TRUMP[3] token gave rise to a competitor, Jeo Boden (BODEN), a Democratic-themed meme token. The new token shocked the community by surging 230 times in value within a month.
PEOPLE
ConstitutionDAO was founded in 2021 with one goal: to acquire one of the original copies of the United States Constitution. This move marked a historic moment as it was the first DAO (decentralized autonomous organization) to raise funds for the preservation of a fundamental physical document. It managed to raise more than $42 million from more than 17,000 donors.
Despite this achievement, ConstitutionDAO did not succeed in its primary mission. The winning bid for the Constitution was $41 million, and ConstitutionDAO withdrew, citing insufficient funds to “safeguard” the document. However, its native token, PEOPLE, continues to thrive, outperforming PolitiFi tokens and increasing in value by 660% over the past year.
ConstitutionDAO has surged in value by more than 2,200% since its inception in late 2021. Despite the staggering growth, the tokens are still available for purchase at a 42% discount to their all-time high, providing ongoing opportunities for investors.
TREMP
Tremp is a meme coin on the Solana blockchain that humorously alludes to Donald Trump, just like its counterpart Jeo Boden, but with the spelling intentionally changed. The token is specifically targeted at Donald Trump supporters and was launched in March 2024 at a price of $0.1227 under the name Doland Tremp.
Despite the significant price fluctuations, TREMP has maintained strong upward momentum. Currently, it is trading at $0.5872, up more than 377% from its initial price. In addition, TREMP recently hit a new all-time high of $1.65, and its current price is 38% lower than the peak.
TOOKER
TOOKER is a meme coin parodying PolitiFi, inspired by Tucker Carlson. The team behind the project creates hilarious animated news clips and interviews reminiscent of Carlson's style. These creations are regularly uploaded to their YouTube channel for public viewing.
The Tooker Kurlson project was launched on the Solana blockchain on March 10, 2024, and has quickly gained traction and community engagement. The project has over 26,800 holders, a market cap of $19 million, and a 24-hour trading volume of nearly $1 million.
Given Tucker Carlson’s close relationship with Donald Trump and his outspoken views against Biden, expect TOOKER to continue to have a wealth of content to mine in the lead-up to the November election.
