As the U.S. presidential election approaches, the world of cryptocurrency is witnessing a surge in tokens linked to former President Donald Trump, significantly outpacing those associated with current President Joe Biden. According to data from crypto platform CoinGecko, Trump-themed meme coins dominate the political crypto landscape, capturing increased attention and investment.
The so-called ‘PolitiFi’ tokens, though a niche segment with a combined market value of about $1 billion, have seen a notable uptick in volume and value in recent weeks. Seven of the top ten political meme coins are based on Trump, many playing on his well-known slogans like ‘Make America Great Again’ (MAGA). In contrast, only one token among the top ten, ‘Jeo Boden’, is related to President Biden.
Forrest Przybysz, CEO of Sistine Research and a seasoned cryptocurrency trader, attributes this phenomenon to the nature of meme coins themselves. “The more attention a token can hold and maintain, usually the higher its price will go,” he explained. “Trump is an attention magnet. Therefore, he is the ideal subject for a meme token.”
Meme coins, known for their speculative and volatile nature, have a market value of approximately $46 billion, per CoinGecko estimates. They represent a hyper-speculative corner of the broader $2.3 trillion cryptocurrency market. Yan Liberman, co-founder of crypto research firm Delphi Digital, likens meme coins to digital collectibles. “The idea is that you monetize public attention,” he said.
While Trump has not officially endorsed any crypto tokens bearing his name, his criticisms of regulatory efforts by Democrats have resonated with crypto enthusiasts. This has, in turn, boosted the popularity of Trump-themed tokens. The former president has positioned himself as a proponent of cryptocurrency, though he has yet to detail specific policies.
The rise of political meme coins reflects a broader trend of intertwining politics with the cryptocurrency market, a phenomenon that has garnered global interest, including from investors and analysts in Asia. As entrepreneurs and market watchers in the region monitor these developments, the impact of U.S. political dynamics on global crypto markets remains a topic of significant relevance.
Reference(s):
cgtn.com
