With the bull market of Bitcoin, various meme coins have surged, ushering in the bull market of "土狗" (Pionex). In the past few months, we have witnessed the miraculous rise of the "百倍币" (BOME) by 5 times in a day, as well as the ups and downs of Slerf. Now, the narrative of meme coins has taken on a new form. The concept of the U.S. election has become popular in the coin circle. With the arrival of the U.S. election season in November this year, meme coins representing former President Trump have started to gain momentum. Just today, the Trump-themed coin "MAGA" has surged by over 20% in 24 hours, reaching a historical high of $15. 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 state of consolidation, with BTC failing to break through the $70,000 mark and instead causing market fluctuations.
In contrast to the lukewarm performance of Bitcoin, meme coin sectors have seen significant surges in recent days. Among them, meme coins related to the U.S. election and those related to the "king of U.S. stock retail investors" have shown particularly strong momentum. Especially, the Trump-themed coin "TRUMP" has seen continuous growth recently.
According to CoinGecko's data, the MAGA coin, themed after former U.S. President Trump, has surged by nearly 800% in the past 3 months, from an earlier price. It may soon become a member of the meme coin hall of fame, alongside DOGE and SHIB.
Interestingly, as the biggest competitor to Trump in the U.S. presidential election, Biden had also released a meme coin before, but compared to the outstanding performance of the MAGA token, the largest Biden-themed coin "FDV" is only around $198 million, which pales in comparison to the approximately $600 million FDV of MAGA.
The heat of the Trump concept is not only reflected in the MAGA token, but also in other meme coins related to Trump, which have shown strong growth. According to BlockBeats, on May 27th, Trump-themed tokens continued to rise, with MAGA (TRUMP) now at $12.65, a 24-hour increase of 31.68%, reaching a historical high; MAGA Hat is now at 0.0005287 USD, with a 24-hour increase of 160.6%, also reaching a historical high.
Currently, MAGA is one of the strongest U.S. election concept meme coins.
The Correct Way to Participate in Presidential Concept Coins
The surge of the MAGA token is related to Trump's positive image in the hearts of the American and global public, as well as his change in attitude towards cryptocurrencies.
In 2019, Trump fiercely criticized Bitcoin, publicly stating on social media: "I am not a fan of Bitcoin and other cryptocurrencies. Cryptocurrencies are not money, and their value is highly volatile. They are not backed by anything and are not regulated, which allows them to be used for illegal activities, including drug trade and other illegal activities." In 2021, Trump reiterated his personal opinion, saying "Bitcoin looks like a scam to me. I don't like it because it competes with the dollar."
However, as Web3 and the concept of cryptocurrencies mature, and the approval of BTC ETF marks the acceptance of the crypto industry by traditional financial markets, Trump changed his previous opposition and publicly expressed support for cryptocurrencies at an NFT event held in Florida, promising to accept cryptocurrency donations. At the event, Trump also promoted his own NFT and claimed to be an advocate for cryptocurrencies. Recently, in a video conference, Trump expressed support for the development of cryptocurrencies and called on supporters to vote for him. Trump's comments not only caused ripples in the cryptocurrency market but also directly drove the surge in MAGA's price.
In addition, according to NFT Floor's data, Trump Digital Trading Cards minted on Polygon also saw a surge of over 100%.
Not only that, the different development paths of different presidential concept coins also reflect the voting choices of users, especially Web3 users.
2024 is the year of the U.S. presidential election. As the U.S. presidential election enters the intense selection stage, the online storm will continue to grow. When it comes to major events related to Trump, "the value of the token will directly reflect," making it a means of predicting the market. For many investors, this has become a de facto election betting market, meaning if you believe Trump will be elected, you can bet on it. There are prediction market contracts that allow traders to monetize their belief in Trump's successful election.
On the prediction market PolyMarket, the liquidity of a contract on Trump winning the presidential election exceeds $6.46 million, with some bets exceeding $500,000.
In the Web3 market, it's simple: if you favor Biden, buy related concept tokens; if you favor Trump, hold MAGA. Because Trump's raised banner is more attractive to retail investors and ordinary people, it has led to the starkly different performances of the MAGA and BODEN token markets. This is once again a manifestation of community power.
In addition to MAGA and BODEN, there are several other choices of community-driven tokens:
$PEOPLE: Since May, the price of $PEOPLE has been rising, mainly due to its association with the U.S. election concept. This token represents the idea of decentralized autonomy and, through crowdfunding, has bought the last publicly auctioned copy of the U.S. Constitution at a Sotheby's auction, achieving the goal of "common ownership," symbolizing human rights and decentralized spirit.
The core of $PEOPLE has a distinct left-wing color, which can attract like-minded investors. It is precisely because of this ideology that $PEOPLE has gained an advantage in the market.
American Coin: American Coin is a meme-based token that resembles the U.S. Declaration of Independence, giving $USA more cultural and political significance.
PEPE: The spread of the pepe meme pattern can also easily become a tool to bring young voters closer.
In addition to the election day on November 5th, there are several other key time points worth noting:
June 27th: First Debate
Presidential debates are very important in U.S. elections and can greatly change the course and process of the election. Debates are not only a platform to showcase policy views but also a battlefield for candidates to belittle and smear each other. Historically, debates have often become turning points in elections. This year, Biden and Trump have agreed to hold presidential debates in June and September, and have already attacked each other's prospects on social media, indicating a showdown full of gunpowder.
September 10th: Second Debate
After accepting the invitation for the June 27th debate, Trump and Biden also announced that they agreed to hold the second presidential debate on September 10th. In the past, presidential elections usually had three debates, but this time there are only two, making the importance of the second debate even more prominent. The first debate will be hosted by CNN, and the second presidential 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, a key point that investors in meme coins cannot ignore.
January 20, 2025: Inauguration
The new president will be inaugurated on January 20, 2025. This day marks the official start of the new president's term and symbolizes the completion of power and peaceful transition. The inauguration ceremony is usually held on the west side of the U.S. Capitol, where the new president takes the oath under the supervision of the Chief Justice of the Supreme Court.
Conclusion:
The data shows that the cryptocurrency tracking website CoinMarketCap registered 138 ERC-20 meme coins in April this year, a 666% increase compared to the 18 coins registered in the same period last year. The development of meme coins to a certain extent reflects the awakening of consciousness among individuals in the Web3 field and even in the traditional world. In the Web3 field, this is manifested as anti-institution, anti-exchange, and the belief that community-led projects are the true projects.
However, please note that MemeCoins carry high risks and volatility, especially on the eve of the narrative landing, it is easy to experience price crashes. The 60th U.S. presidential election will be held on November 5, 2024, and at that time, the coin will reach its peak and then dissipate. Knowing when to buy in is wisdom, and knowing when to sell is great wisdom.
Follow us at TrendX
TrendX is a leading global artificial intelligence (AI)-driven Web3 trend tracking and smart trading platform, aiming to be the preferred platform for the next billion users entering the Web3 field. By combining multidimensional trend tracking and smart trading, TrendX provides a comprehensive experience of project discovery, trend analysis, primary investment, and secondary trading.
Website: https://app.trendx.tech/
Twitter: https://twitter.com/TrendX_tech
Investment carries risks, and the project is for reference only. Please bear the risks on your own.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
