The memecoin market is sizzling with political vigor as the 2024 US presidential election heats up. Across social media, crypto enthusiasts are turning to memecoins to channel their political passions – and potentially make a quick buck. From coins referencing Donald Trump to Kamala Harris, and even a splash of Joe Biden, the memecoin season is back and thriving.
MAGA, the Trump-themed token launched on Ethereum last year, has been among the most interesting memecoins this season. Currently boasting an enviable $300 million market cap, the MAGA has witnessed dramatic ETH to USD prices, particularly after the failed assassination attempt against the former president. Endorsements and support by notable figures, including Elon Musk and Tron Founder Justin Sun, led to brief upward movements, with MAGA value reaching $8.27. The memecoin is currently trading at $5.56 after a 9.68% drop in the last 24 hours.
Solana-based KAMA, inspired by the newest presidential candidate, Kamala Harris, has witnessed a remarkable upswing. Launched earlier this year, Harris’s recent campaign efforts have sent her meme coin soaring by an astronomical 10,000% over the past few months. Starting at a minuscule $0.0003216, KAMA has rocketed to $0.03531 at the time of writing. That’s a monumental leap, particularly for a coin with a market cap under $100,000 just a few months ago.
What does politics have to do with these values? Probably nothing. As the Blockworks team notes, “It’s not exactly that crypto really loves Kamala Harris, which would lead traders to buy a silly memecoin in a show of solidarity of some sort.” Instead, the activity could just mean traders are betting on her potential to shake up the Democratic nomination. In fact, the KAMA has become a favorite among speculators looking to capitalize on her increasing visibility as her campaign gains momentum.
However, don’t write off KAMA as a one-hit wonder. It’s now challenging TREMP, another Solana-based parody coin inspired by Donald Trump, which saw a market cap of $150 million in early June but has since cooled to $43 million. KAMA’s continued climb puts it on a collision course with TREMP, making for a thrilling race in the memecoin world.
Among the less popular memecoins are Biden-inspired coins. Predictably, recent news of his withdrawal from the 2024 race sent Biden-related memecoins into a tailspin. Notably, the once-popular Jeo Boden (BODEN) saw a 62% drop within hours of the announcement, alongside a sharp decline in other Biden-themed tokens like LAPTOP and JILLBODEN. The market reacted with swift liquidation, wiping out nearly $67 million in leveraged positions within a mere half-hour.
Meanwhile, Trump-themed memecoins, such as TREMP and the MAGA hat, continue to dominate the scene. MAGA, launched on Ethereum last year, remains the heavyweight champion in terms of market cap despite recent fluctuations. Trump’s recent controversies and upcoming Bitcoin Conference appearance have kept his memecoins in the spotlight.
“The world’s biggest #Bitcoin conference starts today in Nashville!” posted crypto YouTuber Ajay Kashyap. “If that doesn’t pump $BTC, I don’t know what will.” Other crypto accounts are just as optimistic, with many expecting a huge parabolic move in the PolitiFi category.
Whether you’re a seasoned trader or a casual observer, the memecoin season offers a fascinating glimpse into how politics can impact financial markets. Keep an eye on the memecoin frenzy—it’s bound to get even more intense as the election unfolds.
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