Political meme coins like “Jeo Boden” and “Kamala Horris” have seen dramatic fluctuations, highlighting the volatility and speculative nature of these tokens.
Points
- Political meme coins experience significant price swings, reflecting market volatility.
- “Kamala Horris” rallies by 3,875%, while “Jeo Boden” drops 98.2% from its all-time high.
- Misinformation and political events influence the value of these tokens.
It’s been a wild week for political meme coins. “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. They’re often accompanied by surreal cartoon avatars of the person in question and tend to spell their name wrong deliberately.
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.
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.
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.
Conclusion
The volatile world of political meme coins highlights the speculative nature and rapid value fluctuations driven by misinformation and political events. As the U.S. election approaches, the rollercoaster ride of these tokens is likely to continue, presenting both opportunities and risks for investors.