Unpacking Crypto in Presidential Elections: Noteworthy Coins
By 2024, around 15.5% of Americans, approximately 51 million individuals, are #crypto holders, surpassing the African-American population (41.1 million) and nearing the Latino population (~57 million). Consequently, cryptocurrency becomes a significant focus during the US Presidential elections, as neither Biden nor Trump can risk alienating this voter group, resulting in the formulation of numerous crypto-friendly policies. Crypto traders are seizing this opportunity, evidenced by a surge in election-related meme coins like PolitiFi. But which coins merit attention, and what timings are crucial? It's important to note that election meme coins aren't issued by presidential candidates Donald Trump or Joe Biden themselves; they're primarily tokens created for satirical and entertainment purposes.
Data Source: Triple-A
$TRUMP
The leader of this sector is a namesake token of Trump, $Trump. The project's name is MAGA, standing for Make America Great Again, which has been Trump's campaign slogan all along.
The token, launched on August 11, 2023, charges a 1% tax on all buy, sell, and transfer transactions. This tax is used for marketing, developing, adding liquidity, and donations.
So far, the project has donated $101,574 to the homeless veteran organization (NVHS Veteran Support) and the child trafficking prevention organization (Veterans For Child Rescue). The project has donated for 42 consecutive weeks with donations totaling 463.5 $ETH.
The project also sent $TRUMP tokens to Trump's wallet. Trump holds 579,290 $TRUMP tokens, valued at over $7.4 million.
Token Information
- Blockchain: ETH, also can cross-chain to Base, Sol
- Current price: $12.7
- All-time high: $17.8
- Market cap: $601M
- Market cap rank: 152
- Price change in the past month: +176%
$BODEN
$BODEN is established on the Solana chain, with the full name of the token as Jeo Boden. The name intentionally swaps Joe to Jeo and Biden to Boden. The token is a spoof coin created by users mocking Biden, with its image being a distorted cartoon depiction of Biden.
The token recently went live on WOO X, Kraken, and Backpack. WOO X is holding a $Boden listing event, with a prize pool of up to $40,000! Details can be found at:
https://x.com/WOOX/status/1797901446043881836
Token Information
- Public Chain: SOL
- Current Price: $0.33
- Historical High: $1.04
- Market Cap: $233M
- Market Cap Ranking: 282
- Price Change in the Past Month: -16.9%
$People
Unlike the previous two tokens, $People is not centered around a presidential candidate but is issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization established in 2021 with the aim of fundraising and bidding for a rare copy of the US Constitution at a Sotheby's auction. At that time, the fundraising amount reached up to 6,000 ETH.
At the same time, the $PEOPLE governance token was issued through the blockchain platform Juicebox, and investors could exchange 1 ETH for 1 million $PEOPLE. Token holders do not directly own the constitution, they hold the power of community governance. After the auction of the constitution, it will be up to the DAO community to decide how to handle this duplicate copy through voting.
However, the bidding was not successful in the end. As a result, ConstitutionDAO announced the end of the project. After community members processed the refund procedure, the community was also disbanded. Yet, some community members chose to keep the $PEOPLE tokens and launched other projects in the name of PEOPLO DAO, which turned $People into a memecoin.
The nature of memes, complete circulation, low market value, and the natural political attributes associated with their formation are the driving forces behind the rise of People.
Token Information
- Public Chain: ETH
- Current Price: $0.1
- Historical High: $0.185
- Market Cap: $525M
- Market Cap Ranking: 170
- Price Change in the Past Month: +285%
Important PolitiFi Events & Timelines
Presidential Debates (6/27 & 9/10)
This year, Biden and Trump have agreed to hold presidential election debates in June and September. Both sides have already sparred on social media, foreshadowing a showdown full of tension.
In the past, there were usually three debates in the presidential election, but this time there are only two, so the second debate is of even greater significance.
CNN will host the first presidential election debate and ABC will host the second.
The September debate could be the last formal confrontation between the two candidates this year and is expected to be even more intense, attracting national attention once again.
The results of the second debate will impact the election outcome, a key moment that PolitiFi investors cannot ignore.
Electoral College Formation, Voting (11/5 & 12/16)
After the nationwide vote selects the Electoral College on November 5th, electors from each state will convene on the first Monday after the second Wednesday in December (December 16, 2024), voting for a presidential and vice presidential candidate based on the results of the general election in their respective states. Some say that this is the real US Presidential Election Day.
US Presidential Election Results (1/6/2025)
The US Congress Joint Session will officially announce the elected candidate in early January of the following year. At that time, the members of both houses of Congress will meet to approve and calculate the electoral votes, officially announcing the elected President and Vice President of the new term. This process symbolizes the final confirmation of the election procedures and is the last step before the new government takes office.
Presidential Inauguration (1/20/2025)
The new president will be inaugurated on January 20, 2025, officially commencing their term of office.
Conclusion:
Strong potential for speculation, pay attention to key events.
According to data from Coingecko, the total market capitalization of the PolitiFi sector stands at $1.8B, with daily trading volume reaching $380M, indicating robust market activity.
PolitiFi represents a timely narrative, with all favorable factors expected to subside after the presidential election. With 90 days remaining until the election, the rising uncertainty tied to the electoral process broadens the speculative opportunities within this sector.
Bolstered by the emotional momentum, the sector's leading tokens are projected to break into the top 50 market capitalization, around 2.7B. If $Trump maintains its leading position, there's approximately a four-fold room for an increase in its price to reach the top 50 rankings.
Remember, PolitiFi revolves around high volatility and election-centric speculation. Keep track of significant electoral events to prevent stark drops in token value. Participate wisely. #cryptocurrency #PolitiFi
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