In this years US election year, presidential candidates Biden and Trump will hold their first debate on Thursday, June 27. Presidential debates often have a decisive impact on US elections. The performance of the two presidential candidates in the debate will directly affect their support rates, which in turn will have a significant impact on the crypto market. This article will briefly introduce and analyze some political concept tokens (PolitiFi Coin), as well as Biden and Trumps positions on cryptocurrency policies, and how their political inclinations will affect the cryptocurrency market.
TLDR;
The value of the PolitiFi Coin comes from the fact that the token is named around topics in the political world (mainly related to the United States), and it uses a community-led propaganda method, just like the common Meme Coin.
These tokens may or may not be issued, supported, and promoted by the organizations or key figures named in them. Risk Warning: Such tokens are often accompanied by considerable volatility and risks, and often experience some event reversals, hacking, and anti-counterfeiting storms.
A brief introduction to some popular election concept tokens including PEOPLE, MAGA, DJT, MAGAHAT, BODEN, STRUMP, etc.
This article will select the more noteworthy election concept tokens in this ecosystem from the classification of different chains for discussion, and will also study their investment value and where they can be traded.
Tony, a five-star reviewer from XT Research Institute, said:
In this round of elections, Trump and Biden adopted a completely different strategy from the last election. Last time, each side held its own view, and if one went east, the other would go west. The biggest difference this time is that if one went 50 meters east, the other would immediately increase the stakes to 100 meters east.
In order to please voters, the US cryptocurrency policy has become more relaxed this year, from Bitcoin ETF to Ethereum ETF. The recent election activities have also had a positive impact on the virtual currency market. The first round of presidential debates on June 27 and Trumps plan to speak at the Bitcoin 2024 conference in July have filled the market with positive expectations for cryptocurrencies.
This is undoubtedly a positive signal for the cryptocurrency market, which currently lacks fundamental information and relies heavily on macro information to rise and fall. Specifically speaking of Trump and Biden, one is full of meme temperament, and the other is from the establishment, which is a good thing for voters or users, just covering all the tracks and topics that can be hyped.
Let’s review the key time points of the US election (for details, please read the previous article: US election meme on XT.com ):
On Thursday, June 27, U.S. President Joe Biden and his general election challenger, former President Donald Trump, held their first debate.
September 10, the second debate. These two debates are basically the final time to canvass for votes.
November 5 (the day after the first Monday in November in an election year) is Election Day, and the election results will be announced that evening.
The candidate will be sworn in on January 20, 2025.
1. What are the tokens with larger market capitalization that have entered the public eye?
Compared with the Biden administration, Trump has been more open about his love and understanding of cryptocurrencies. This also suggests that Trump may promote a more favorable regulatory environment for the development of cryptocurrencies. Previously, he has repeatedly mentioned that he wants to make sure that Crypto is great again and happens in the United States. There are already many Trump-related tokens on the market, and the number is much larger than that of Biden. These meme tokens related to the US presidential campaign may attract attention during the heated debate. Lets take a look at the potential layout opportunities:
PolitiFi token market capitalization ranking at a glance: Data source: CoinGecko
1. PEOPLE (ConstitutionDAO): It was first issued by ConstitutionDAO on the decentralized crowdfunding platform JuiceBox as an ERC-20 governance token based on proof of donation. During the crowdfunding period, 1 ETH donation can get 1,000,000 PEOPLE tokens. The total circulation is 5.06 billion, 100% in circulation, with a current market value of 470 million US dollars, ranking 129, and the first issuance time is November 26, 2021. It reached its historical highest price of 0.185 US dollars within one month of issuance, and the current price is 0.09 US dollars per coin. If the crypto industry is mentioned and supported during the debate, PEOPLE will undoubtedly usher in a wave of increases.
PEOPLE price trend so far this year
2. MAGA (Trump) : A meme coin named after both former US President Trump and his campaign slogan Make America Great Again (MAGA). The current US President has also been used in similar projects (such as Biden and his meme Jeo Boden). Although Trump was not directly involved in the issuance and trading of MAGA tokens, the creators of the project gifted him 580,000 tokens. The project also claims to donate part of its revenue to charitable organizations. Since its launch on August 11, 2023, MAGA has built a large community and its cumulative holders have exceeded 50,000. MAGA has seen a sharp increase in price in 2024. On June 1, 2024, MAGA hit an all-time high of $17.66 and has now retreated sharply to below $9. As the first debate approaches this Thursday, there may be fluctuations.
MAGA price trend so far this year
3. MAGA (MAGA Hat) : Trump’s hat, currently worth $145 million, CMC ranking 322, first issued in May this year. MAGA represents a broader movement and has a strong community. If Trump’s approval rating rises during the debate, memes related to it will surge.
MAGA - MAKE AMERICA GREAT AGAIN is taken from the hat Trump wears
4. BODEN (Jeo Boden): BODEN is the largest of a group of meme coins that reference politicians. It currently has a market value of $112 million and is ranked 384th on CMC. It was first issued in March of this year. When the token was first launched, a trader named paul.sol bought millions of BODEN tokens when the BODEN token was trading at less than $0.05, and quickly made a profit of $7 million. In June, within an hour of Hunter Biden, the son of President Biden, being convicted of three federal gun violations, BODEN soared another 14%. This rise was the opposite of what happened after Trump was found guilty, when most of the meme tokens associated with him plummeted, once again proving that the trading of meme tokens is full of randomness.
BODEN: A series of comic strips that spoof politicians
5. DJT (TrumpCoin): On June 17, the famous foreign media Pirate Wires posted that Trump will launch an official token TrumpCoin, named DJT, and also said that his 18-year-old son Barron is the actual controller of the token. As soon as the news came out, the price of DJT once soared to more than 0.04 US dollars. The Trump team has not yet confirmed the issuance of its token. After a series of rumors and refutations, DJTs highest intraday decline was nearly 66.7%. The current price has fallen back to 0.013 US dollars per coin, with a market value of 164 million US dollars.
2. ETH Ecosystem
1. PEOPLE (ConstitutionDAO)
Contract address: 0x7a58c0be72be218b41c608b7fe7c5bb630736c71
Trading platforms: XT.COM, Binance, OKX, Bybit, Gate, HTX, KuCoin, MEXC, Bitget, Bitmart, BingX, LBank, Uniswap (DEX)
2. MAGA (Trump)
Contract address: 0x576e2BeD8F7b46D34016198911Cdf9886f78bea7
Trading platforms: XT.COM, MEXC, Bitmart, BingX, Uniswap
3. MAGA (MAGA Hat)
Contract address: 0xd29da236dd4aac627346e1bba06a619e8c22d7c5
Trading platforms: XT.COM, Gate, MEXC, HTX, Bitmart, LBank, CoinW, Uniswap
4. STRUMP (Super Trump)
The Superman comic book version of Trump, designed to capitalize on the upcoming U.S. presidential election, has become one of the top presidential concept meme coins.
Contract address: 0x7039cd6d7966672f194e8139074c3d5c4e6dcf65
Trading platforms: XT.COM, MEXC, Bitmart, LBank, BingX, Uniswap
5. MAGANOMICS (Maganomics)
It is a MAGA (Make America Great Again) Trump concept token released in June this year. Within a week of its issuance, it has been taken over by the community and its market value has continued to rise, now exceeding 23 million US dollars. With the start of the presidential debate and the rise in Trumps approval rating, it has great potential to become the next meme representative that enters the public eye.
Contract address: 0x7E744BBB1a49A44dfCC795014a4BA618E418FbBE
Trading platform: Uniswap
6. FREE (FreeRossDAO)
FreeRossDAO was established to support Ross, the founder of Silk Road, to raise funds to buy his Genesis Collection and to protest the injustice of the US prison system. FreeRossDAO successfully acquired Rosss Genesis NFT and split it. People can obtain partial ownership of NFTs through the token FREE. In the two and a half years since FREE was issued, it has often suddenly soared due to related news. At the end of May this year, Trump spoke in support of cryptocurrency and said that he would pardon Ross if he was elected. FREE soared after hearing the news. Recently, its price has also experienced violent fluctuations due to various election news. Similar to the concept of FREE is the token JUSTICE, whose concept is to pardon Assange, the founder of WikiLeaks.
Contract address: 0x4cd0c43b0d53bc318cc5342b77eb6f124e47f526
Trading platform: MEXC, Uniswap
7. BOBBY (Kennedy Memecoin)
It is a meme created in the image of former President Kennedy. As a staunch supporter of cryptocurrency, Bobby advocates supporting Web3 policies. The current market value is small, less than 3 million US dollars.
Contract address: 0xa462bdE22D98335E18A21555b6752dB93a937cFf
Trading platforms: Bitmart, Uniswap
8. BIDEN (Joe Biden)
The Presidential concept Biden token of the ETH ecosystem, which is opposite to the MAGA Trump concept, has a market value of 8 million US dollars. It was previously launched by the XT exchange.
Contract address: 0xc548e90589b166E1364DE744E6d35d8748996FE8
Trading platform: XT.COM, Uniswap
9. MVP (MAGA VP)
Trumps presidential meme token rewards MVP holders in MAGA TRUMP, with a current market value of around $12.3 million.
Contract address: 0x766d2fcECe1E3eeF32aae8711ab886eE95fd5B2A
Trading platforms: XT.COM, Bitmart, LBank, Uniswap
3. Solana Ecosystem
The Solana network has been maintaining a long-term wave of Meme coins, launching thousands of tokens every day. The value of these tokens mainly comes from associations with interesting events, graphics, animals, and celebrities. There are also new launch platforms such as pump.fun. After the fundraising amount is full, the platform directly creates trading pairs on Raydium; recently, the Moonshot launch function has been added to DEXScreener, and its principle is similar to Pump. Although Meme coin projects are highly volatile, the high liquidity and low transaction fees on the Solana network make Meme coin projects easier for investors to accept and trade, creating favorable conditions for the prosperity of such projects. The following are several election-related memes that have been popular in the SOL ecosystem:
1. TREMP (Doland Tremp)
Contract address: FU1q8vJpZNUrmqsciSjp8bAKKidGsLmouB8CBdf8TKQv
Trading platform: XT.COM, MEXC, HTX, LBank, CoinW, on-chain trading on DEXs such as Jupiter, Raydium, Orca, etc.
2. BODEN (Jeo Boden)
Contract address: 3psH1Mj1f7yUfaD5gh6Zj7epE8hhrMkMETgv5TshQA4o
Trading platforms: XT.COM, BingX, Kraken; on-chain trading is available on DEXs such as Backpack, Raydium, and Orca
3. TOOKER (tooker kurlson)
Contract address: 9EYScpiysGnEimnQPzazr7Jn9GVfxFYzgTEj85hV9L6U
Trading platform: XT.COM; on-chain trading is available on DEXs such as Raydium and Orca
4. TMANIA (Trump Mania)
Contract address: HuPspkki5Qdnf5WAU7jtEThkeMhni6XQ23tunZRkZWUi
Trading platforms: CoinW, Raydium, Jupiter
5. TRUMP (MoonTrump)
Contract address: BqhNdGtS1Nqtzi2MvZ7G8NN1vRuHZ12UpHGJKe71e1JT
Trading platforms: Raydium, Jupiter
6. OBEMA (Obema)
Contract address: CzkM8bzWFdXsjtZQnz2piTxJKPtJ5mfTL8S6sNZg7n7S
Trading platforms: Raydium, Jupiter
7. DJT (TrumpCoin)
Contract address: HRw8mqK8N3ASKFKJGMJpy4FodwR3GKvCFKPDQNqUNuEP
Trading platforms: XT.COM, MEXC, LBank, Bitmart, BingX; on-chain trading is available on DEXs such as Raydium, Jupiter, and Orca
8. KAMA (Kamala Horris)
The token, based on Vice President Kamala Harris, currently has a market value of $1.7 million.
Contract address: HnKkzR1YtFbUUxM6g3iVRS2RY68KHhGV7bNdfF1GCsJB
Trading platform: Raydium (DEX)
4. Base Ecosystem
The election concept meme of the Base ecosystem has not yet shown a breakthrough effect, and the market value is generally small. Most of them have not yet been listed on centralized exchanges and can only be traded on Uniswap.
1. GTRUMP (Giga Trump)
The Trump concept token, created a month ago, quickly topped the Dexscreener hot list after its launch, and its current market value remains at US$2.2 million.
Contract address: 0x2D570B062872Ee7f459E8283c14be977289396bF
2. BAGS (TrumpsBags)
5% of USDC from every transaction on BAGS will be sent directly to Trump’s wallet, automatically supporting the Trump crypto community.
Contract address: 0x5589d7eD64A96EF2c60F9a218204425f83396ae8
3. TRUMP (MAGA)
The current market value of MAGA on the Base chain is 8.2 million US dollars.
Contract address: 0x2e1d332893Dc16124194E598a29866D2d5e8786b
4. USA (BASED USA)
The current market value is 4.2 million US dollars.
Contract address: 0xb56d0839998Fd79EFCD15c27cF966250AA58D6D3
5. Polygon Ecosystem
In the Polygon ecosystem, there is also a highly participated voting project called Polymarket, which is a decentralized information market platform that allows users to make trading predictions on various hot topics and future events. Users can build investment portfolios based on their own judgment of the future, and if the prediction is correct, they can get corresponding returns. The market price of Polymarket reflects the collective assessment of traders on the probability of an event, providing users with an unbiased real-time data source. These data and trends may directly affect the price of Meme tokens. On Polymarket, you can see that there are also political section classifications. Currently, the election controversy between Biden and Trump is the hottest topic. Participating website: https://polymarket.com/markets?_c=politics
Trumps NFT Series: Since the end of 2022, Trump has launched several Trump Digital Trading Cards series, with cumulative sales of millions of dollars.
The quote is from Opensea website
The first season of 45,000 NFTs was sold on the Polygon chain in December 2022, priced at $99 each. Once the series was launched, it was quickly sold out within 12 hours.
On April 19, 2023, Trump announced the launch of the second season of Trump Digital Trading Cards on his social platform Truth Social. This series of NFTs is also minted on the Polygon blockchain, priced at $99 per card, with a total of 47,000 issued, of which 46,000 are available for sale. Once the second series was launched, it once again attracted widespread attention and investment in the market.
On December 13, 2023, Trump launched the third NFT series, Mugshot Edition, with a total of 100,000 NFTs issued, of which 99,000 were sold to the public. The series is also priced at $99. Users who purchase 47 NFTs will have the opportunity to have dinner with Trump and receive a suit that Trump wore when he was arrested in August. On May 13 of this year, Trump invited some of his NFT holders to a dinner as promised.
VI. Risks associated with political tokens
While PolitiFi Meme Coin may have some attractions, such as the opportunity for quick profits, it also comes with some risks:
Political Sensitivity and Volatility:
Political concept tokens are often linked to specific political figures, events or issues. Due to the ever-changing political environment, such tokens are easily affected by factors such as political opinion and policy orientation, with large price fluctuations and investors facing high market risks. Because their value depends on community activities and there is little or no token economics strategy, the entire supply of most meme coins is in circulation, and the market value is small. There is no upper limit on centralized exchanges and the liquidity is poor. This may make it difficult for investors to buy and sell in a timely manner. In addition, political concept tokens are easily affected by public opinion orientation, negative news reports, and controversial discussions on social media, which may cause the price of tokens to fall rapidly.
Rug Pull Risks:
One of the features of Meme Coin is the low barrier to entry, both for traders and creators. Anyone can create a Meme Coin and manage the token supply and smart contract protocol. Due to the low level of regulation in this area and the many precedents of stolen social media accounts, unruly creators may have a negative impact on the liquidity pool.
The issuance of many political concept tokens often lacks a clear economic model and token value support, and is easily reduced to a speculative tool. Project owners may use the fan effect and FOMO psychology to quickly attract investors, and finally sell off arbitrage to cause the token price to collapse, causing huge losses to investors.
Rug pulls are when a token or liquidity pool creator adds their token to a liquidity pool along with standard cryptocurrencies like ETH, SOL, USDT, and withdraws all funds after investors buy in, rendering the token untradable and nearly worthless. This can still happen even with solutions like liquidity locks, especially when there are contract vulnerabilities, where the creator can even set up a blacklist or mint more tokens indefinitely.
Compliance risks and legal disputes:
Many political concept tokens may involve issues such as infringement of intellectual property rights and illegal use of political figures’ images. The relevant parties may be subject to legal proceedings, bringing uncertainty risks to the projects and investors. At the same time, some political concept tokens may violate regulatory requirements and face compliance risks such as suspension and cancellation of transactions.
VII. Conclusion
Different types of cryptocurrencies have their own characteristics and investment logic. Meme coins mainly rely on emotions and FOMO effects, which are more in line with Trumps political style and aura; while VC coins are more in line with Bidens tone. Investors need to carefully choose investment products according to different market environments and cycles, and remember that they can only fall in love with altcoins, not live with them. In the current market, Meme coins may be more suitable for quick-win investment strategies.
The first round of debates in this election will be one of the final showdowns between the two candidates. The fierce debate will not only attract national attention, but will also directly affect the election results. Investors should pay close attention to the attitudes and statements of the two candidates on cryptocurrencies in the debate. Every statement in the debate may become a key opportunity for hyping memes, and the results of the election debate may become an important indicator of investment targets. Investment needs to go with the trend and seize market opportunities.
