Author: Frank, PANews
In the year of the US presidential election, the crypto world has also joined in the presidential MEME game. On May 9th, it was announced that US presidential candidate Donald Trump is accepting cryptocurrency donations for his campaign. This news has sparked widespread discussion in the crypto community, along with the surge of various Trump-themed MEME coins.
Perhaps in an effort to further gain support from the crypto community, Trump pointed out, "Biden doesn't even know what cryptocurrency is. If you like cryptocurrency, you'd better vote for Trump." Trump also promised to stop the US hostility towards cryptocurrency and embrace it. After this statement spread widely, it sparked a speculative frenzy in the crypto space around presidential-themed MEME coins.
Biden or Trump? Whose MEME is more successful
From the perspective of trading volume and overall market value, Trump's MEME coins are obviously more appealing. For example, the most well-known Trump-themed MEME coin, named Trump (project name MAGA, MAKE CRYPTO GREAT AGAIN), had 33,000 holders and a market value of $410 million as of May 17th, according to coingecko data, making it one of the top ten MEME coins by market value. In contrast, the market value of Biden-related MEME coin, Boden, is approximately $310 million.
In fact, as early as March of this year, shortly after Super Tuesday primaries, the MEME competition between Trump and Biden had already begun on the Solana chain. However, at that time, tools like Pump, which enable mass coin issuance, had not yet entered the public eye, so the competition mainly focused on the TRUMP and Boden MEME coins.
This time, the competition has mainly shifted to the Solana chain, and currently there are seven Trump-related MEME coins listed on Pump.fun with a market value exceeding $100,000.
Among them, PepeTrump, launched on April 17th, is currently the most successful Trump-themed MEME coin on Pump, with a peak market value of approximately $60 million and a current market value of $6.79 million. In comparison, Biden-themed MEME coins do not have as strong market appeal. The Biden2024 MEME coin has the highest market value on Pump, at only $30,000, and has dropped by over 90% since its brief rise on April 17th.
Two of the highest gainers are speculative bubbles
Although the market's hotspots change daily, for longer-lasting hot events like this, the early MEME coins seem to have a stronger correlation with the hotspots.
Taking Trump-themed MEME tokens as an example, the most popular related tokens in the market are generally created two months or even earlier, such as the highest market value TRUMP, which was created nine months ago. Recently released Trump-themed MEME coins have not entered the top ten in terms of trading volume.
Additionally, the two tokens with the highest price increases among the Trump-themed MEME coins created in the past seven days are also speculative bubbles. Perhaps this can serve as a reminder to MEME players who are keen on speculating on new hotspots that MEME coins are not always about the new and not the old. Sometimes, MEME coins with a longer duration may be easier for investors to establish a foothold in the long-term hotspots due to their higher consensus and lower trust costs.
MEME players only chase hotspots, and the president is just material for speculation
On May 9th, Trump hosted a private dinner at his estate and specifically invited "superhero" NFT buyers to attend the event. According to a coindesk reporter, Trump is not an expert in cryptocurrency, but rather an expert in selling cryptocurrency.
Furthermore, according to a survey released by the technology research and investment company Paradigm in March 2024, the majority of cryptocurrency owners plan to vote for former President Donald Trump rather than the current President Joe Biden. 48% of cryptocurrency owners plan to vote for Trump, while 39% plan to vote for Biden. The survey also revealed that 19% of American voters currently hold cryptocurrency. From this perspective, cryptocurrency holders are indeed a very important target audience for the US presidential election. For MEME players participating in presidential-themed speculative coins, a candidate with a higher chance of winning also means that their themed tokens may experience a larger price increase.
However, the popularity of MEME coins seems to have no direct correlation with the election itself. For MEME coin players, most are concerned about the short-term correlation with hotspots and whether it can influence the token's price trend. As for who becomes president, it is not considered a form of voting for MEME players.
The reason why Trump-themed MEME coins can outperform Biden-themed ones is likely more due to Trump's influence on social media. According to the Arkham platform, on the X platform, Trump is the second-ranked cryptocurrency asset holder in terms of platform followers (the first being Justin Bieber). The Trump team previously launched three series of Trump digital trading cards, with total sales reaching millions of dollars, indicating that the Trump team is indeed more knowledgeable about cryptocurrency assets.
As for the question of who is closer to the crypto world between Trump and Biden, the market has different interpretations. On one hand, the Biden administration has issued many restrictive regulations on the crypto industry, such as the 2022 cryptocurrency regulatory framework and the 2024 to 2025 anti-money laundering rules for cryptocurrencies, as well as the recent SEC multi-line lawsuits against multiple crypto giants, all of which reflect the Biden administration's somewhat tightened regulatory attitude towards the crypto industry. On the other hand, according to CNN, James and Marilyn Simons, the second-largest backers behind Biden and the Democratic Party, are also experienced players in cryptocurrency trading. They have shown strong interest in the federal government's digital currency policy in recent years, and have even called on the US Securities and Exchange Commission to include Bitcoin on the New York Stock Exchange.
During his previous term, Trump also expressed skepticism about the value of cryptocurrency. Therefore, until the next US presidential election results are announced, the attitudes of both candidates towards the crypto space remain unknown. For MEME coin players, the short-term speculation on the election theme is simply a pursuit of social hotspots. In the long run, it seems more like a gamble on the next US presidential candidate.
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