With the bull market of Bitcoin, various meme coins have skyrocketed, ushering in the bull market of “dog coins”. In the past few months, we have witnessed the miraculous rise of BOME, which increased five times in a day, and also experienced the ups and downs of Slerf. Now, the narrative of meme coins has taken on a new form. The concept of the US election has become a hot topic in the cryptocurrency market. With the arrival of the US election season in November, MemeCoins representing Donald Trump have started to gain momentum. Today, the Trump concept coin MAGA has surged over 20% in 24 hours, with a price of $15, reaching a new all-time high. In this article, TrendX will provide an overview of the presidential concept coins.
Trump and MAGA
Since the halving of Bitcoin, the cryptocurrency market has been in a downturn and has been in a consolidation phase. Despite multiple attempts to break through the $70,000 mark, Bitcoin’s price has been volatile, causing market fluctuations.
In contrast to the lukewarm performance of Bitcoin, meme coins have been surging in recent days. Among them, meme coins related to the US election and those related to the “King of Retail Investors” have shown significant gains. Especially, the Trump concept coin TRUMP has been steadily rising recently.
According to data from CoinGecko, the MAGA coin, which is themed around the former US president Donald Trump, has surged nearly 800% in the past three months, from its earlier price. It may soon become a member of the meme coin hall of fame, alongside DOGE and SHIB.
However, interestingly, Joe Biden, who was Donald Trump’s biggest competitor in the US presidential election, had also released meme coins before. But compared to the outstanding performance of the MAGA token, the largest Biden concept coin FDV had a market cap of only around $198 million, while MAGA had a market cap of around $600 million, showing a stark difference.
The popularity of the Trump concept is not only reflected in the MAGA token but also in other meme coins related to Trump. According to BlockBeats, on May 27th, Trump concept tokens, including MAGA (TRUMP), continued to rise. MAGA (TRUMP) is now priced at $12.65, with a 24-hour increase of 31.68%, reaching a new all-time high; MAGA Hat is now priced at $0.0005287, with a 24-hour increase of 160.6%, also reaching a new all-time high.
Currently, MAGA is one of the strongest US election concept meme coins.
The Correct Way to Participate in Presidential Concept Coins
The popularity of the MAGA token is related to both Trump’s positive image among the American and global public and his changing views on cryptocurrencies.
In 2019, Trump strongly criticized Bitcoin, publicly stating on social media, “I am not a fan of Bitcoin and other cryptocurrencies. They are not money, and their value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activities.” In 2021, Trump reiterated his personal opinion, saying, “Bitcoin seems like a scam. I don’t like it because it’s competing against the dollar.”
However, as Web3 and the concept of cryptocurrency grew, and with the approval of the BTC ETF, the cryptocurrency industry has been embraced by traditional financial markets. Trump changed his previous opposition and expressed support for cryptocurrencies at an NFT event held in Florida, where he claimed to accept cryptocurrency donations. He also promoted his own NFTs at the event and referred to himself as a cryptocurrency advocate. Recently, Trump expressed support for the development of cryptocurrencies in a video conference and called on supporters to vote for him. Trump’s comments not only caused tremors in the cryptocurrency market but also directly boosted the price of MAGA.
In addition, according to data from NFT Floor, Trump Digital Trading Cards minted on Polygon also surged by over 100% at one point.
Furthermore, the different development trends of different presidential concept coins also reflect the voting choices of users, especially Web3 users.
2024 is the year of the US presidential election, and as the election enters the intense selection phase, online discussions will become more heated. When it comes to major events involving Trump, “the value of tokens will directly reflect,” making it a means of predicting the market. For many investors, this has become a de facto election betting market, where you can bet if you believe Trump will win. Predictive market contracts allow traders to monetize their belief in Trump’s campaign success.
On the predictive market PolyMarket, the liquidity of contracts regarding Trump’s chances of winning the presidential election exceeded $6.46 million, with some bets exceeding $500,000.
In the Web3 market, it’s simple: if you support Biden, buy related concept tokens; if you support Trump, hold MAGA. Because Trump’s banner is more attractive to retail investors and ordinary people, the market performance of MAGA and BODEN tokens differs greatly. This is once again a demonstration of community power.
In addition to MAGA and BODEN, there are several other community-driven tokens representing different presidential concepts:
$PEOPLE: Since May, the price of $PEOPLE has been rising steadily, mainly due to its association with the US election concept. This token represents the idea of decentralized governance and successfully crowdfunded to purchase the last publicly auctioned copy of the US Constitution at Sotheby’s, achieving the goal of “common ownership” symbolizing human rights and decentralization.
$PEOPLE has a distinct left-wing ideology in its core, which attracts like-minded investors. It has gained an advantage in the market precisely because of this ideology.
American Coin: American Coin is a meme token with cultural and political significance, with promotional materials resembling the US Declaration of Independence, giving $USA more cultural and political meaning.
PEPE: The spread of the Pepe meme pattern can also serve as a tool to bridge the relationship with young voters.
Furthermore, besides the election day on November 5th, there are several key time points worth paying attention to:
June 27th: First Debate
Presidential debates are crucial in US elections as they can greatly change the course and progress of the election. Debates provide a platform not only to showcase policy views but also for candidates to attack and smear each other. Historically, debates have often become turning points in elections. This year, Biden and Trump have agreed to hold debates in June and September. Both sides have already attacked each other’s prospects on social media, indicating a heated confrontation.
September 10th: Second Debate
After accepting the invitation for the June 27th debate, Trump and Biden announced that they have agreed to hold a second debate on September 10th. Previous presidential elections usually had three debates, but this time there are only two, making the second debate even more significant. The first debate will be hosted by CNN, and the second debate will be hosted by the American Broadcasting Company (ABC). This September debate may be the last formal showdown between the two this year and is expected to attract national attention once again. The process of the second debate will also have a profound impact on the election results, making it a key milestone that meme coin investors cannot ignore.
January 20th, 2025: Inauguration
The new president will be inaugurated on January 20th, 2025. This day signifies the official start of the new president’s term and symbolizes the completion of the peaceful transfer of power. The inauguration ceremony usually takes place on the west side of the US Capitol and the new president takes the oath under the supervision of the Chief Justice of the Supreme Court.
In conclusion, data shows that CoinMarketCap, a cryptocurrency tracking website, registered 138 ERC-20 meme coins in April this year, an increase of 666% compared to the same period last year. The development of meme coins reflects the awakening of consciousness in the Web3 field and even among individuals in the traditional world. In the Web3 field, this is manifested as anti-institution and anti-exchange sentiment, believing that community-led projects are the true projects.
However, please note that meme coins carry high risks and volatility, especially when the narrative is about to land, there is a high chance of a price crash. The 60th US presidential election will be held on November 5th, 2024, and at that time, the hype around these coins will reach its peak and then fade away. Knowing when to buy is wisdom, and knowing when to sell is great wisdom.