Trump Leads Biden in Political Meme Coin Surge

Key Takeaways:

• Donald Trump-themed meme coins became more popular after he portrayed himself as a crypto-friendly candidate.
• The Political Finance (PolitiFi) ecosystem now has a market cap of 1.23 billion.
• This growth reflects the growing interest in combining political sentiment with cryptocurrency investment.

Political Memecoins Become Popular as We Move Closer to Election

Over the past few months, Political Finance tokens, primarily meme coins with no intrinsic value, associated with the two leading candidates in the upcoming U.S. presidential election, Joe Biden and Donald Trump, have grown significantly.

However, in terms of performance, popularity, and numbers, tokens related to Trump have surpassed those linked to Biden.

The surge in popularity and trading volume intensified after Donald Trump positioned himself as a crypto-friendly candidate and began receiving crypto donations from his supporters.

Crypto platforms like CoinGecko have also introduced a dedicated Political Finance Tokens (PolitiFi) section. This subgroup of meme coins comprises tokens linked to political figures yet lacking official endorsement from them.

Donald Trump Dominates the PolitiFi Meme Coin Space

The market cap of the PolitiFi category currently stands at $1.23 billion, reflecting a 16.6% increase in the past 24 hours.

Even though Donald Trump hasn't provided details on his planned crypto policy if elected, most of these tokens connect to the Republican Party candidate, who has positioned himself as a cryptocurrency supporter.

According to CoinGecko data, seven of the top 10 political meme coins based on market value are associated with Trump. Many of them, such as MAGA and MAGA Hat, reference Trump's Make America Great Again slogan.

Related: Donald Trump Endorses Bitcoin Mining, Wants ‘Made in the USA’ Bitcoin

Only one out of the ten, Jeo Boden, is linked to President Biden, and another, Kennedy Memecoin (BOBBY), is associated with Robert F. Kennedy Jr., another individual running for president.

Data indicates that MAGA (TRUMP), launched in late August 2023, is the largest token related to a political figure. It ranks as the 164th largest coin in the overall crypto market, and its market share soared as high as $775 million in early June before decreasing by nearly half to $411 million at the current time.

Notwithstanding, this growth is remarkable. The TRUMP price was only $0.01136 in October 2023 but is currently trading at a high of $8.83, marking an increase of 77981.5% over the past nine months. It has also seen a 25% rise in the last 24 hours.

On the other hand, Jeo Boden (BODEN), launched in March this year, is the third token linked to a political figure, closely following MAGA Hat (MAGA), another token related to Trump.

BODEN's market capitalization surged to $648 million shortly after its launch before gradually dropping to $97 million. Over the last 24 hours, it has also emerged as one of the top-performing meme coins, with a 40% increase since yesterday.

The Influence of Internet Humor

These Political tokens account for a small percentage of the $50 billion market capitalization of meme coins, which are altcoins primarily influenced by internet humor.

Furthermore, based on a June 25th Reuters post, Forrest Przybysz, a cryptocurrency trader and CEO of Sistine Research, suggests that meme coins are not only highly speculative but also tied to attention cycles.

He mentioned that the greater attention a token attracts and maintains, the more its price will surge. Consequently, Trump is a focal point of attention, making him an ideal candidate for a meme token.

“We should expect price and speculation on a Trump-based meme token to rise as we get closer to the election,” Forrest Przybysz stated, according to Reuters.

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