The value of Jeo Boden is down 98.2% from its all-time high three months ago, while Kamala Horris is up 3,875% since May. Some political meme coins have market caps of millions of dollars.
As if the cryptocurrency markets weren’t crazy enough, another surreal trend has gained massive ground in recent months: meme coins based on US political candidates.
They are often accompanied by surreal cartoon images of the person in question… and they tend to spell their name wrong on purpose.
After the seismic events of recent days, with Kamala Harris gaining enough support to secure the Democratic nomination after Joe Biden dropped out of the race, these digital assets have become more volatile than usual.
The value of the likes of Kamala Horace (KAMA), Geo Biden and Donald Trump is changing rapidly as opportunistic traders try to navigate the crypto landscape — and see what happens next.
KAMA, a Solana-based memecoin inspired by the current vice president, launched on May 30 — and at the time, it was worth just $0.0006.
Now, the growth rate has accelerated by a staggering 3,875%, breaking the $0.02 barrier with a fully diluted market valuation of $25.4 million.
This reflects the growing momentum Harris has gained as she steps up to take on Trump in the November race. According to her team, $100 million has been raised. Donated Since its launch, Harris’ campaign has raised a record $81 million on the first day alone. Meanwhile, prediction markets an offer And her chances of winning in the fall continue to rise with each passing day.
As you might expect, given his pro-crypto stance, the most valuable coins in the PoliFi meme coin movement are all Trump-related — and often include passages from his long-standing slogan “Make America Great Again.”
But many of these Republican-focused coins have taken a hit recently. The largest coin by far, Trump Coin, still has a market cap of $279 million but has lost 20.6% of its value in a week.
Also think about those who held Geo Boden captive. Boden The cryptocurrency is now trading at $0.01171 after falling more than 50% over the past seven days — most of the losses coming after Sunday’s surprise announcement. It hit an all-time high of $1.07 in April, but is now down more than 98%. With President Biden set to step out of the political spotlight when his one-term presidency ends in January, the asset is unlikely to recover.
It’s numbers like these that show how unpredictable and brutal it is to gain exposure to political meme coins. Not only can it be difficult to make a profit due to low liquidity, but the downsides can be quick and brutal.
dark direction
Beyond betting on the front-runners and jockeys in the presidential race, and following their fortunes in the news cycle, there’s another worrying trend: tokens being created in the wake of misinformation circulating online.
Earlier this week, unfounded rumors spread about Joe Biden’s death, with some accounts sharing these lies attracting tens of thousands of retweets on X.
This had a direct impact on memecoins launched through sites like Pump.fun — with coins like BIDEAD and BIDONE hitting the market. One particularly risqué digital asset has an avatar that appears to show Biden’s skeleton.
What happens next?
It doesn’t take a global cryptocurrency trading analyst to conclude that the value of Biden-linked cryptocurrencies will continue to decline.
But it will be interesting to see what Donald Trump’s impending appearance at Bitcoin 2024 in Tennessee — scheduled for later today — will do to the likes of MAGA and TRUMP.
Bullish signals about the future of the Nashville crypto market could give some of these tokens a second boost.
Instead, it may end up being more of a “selling the truth” scenario – with interest in these symbols waning as soon as he steps off the stage.
With three and a half months to go until the United States heads to the polls, the rollercoaster ride for political coins shows no sign of abating anytime soon.
There is little doubt that entirely new symbols will continue to emerge in response to developments on the campaign trail — such as the Democratic National Convention in August, a potential Harris-Trump debate on television, and announcements about who Harris might end up choosing as his running mate.
