KEYTAKEAWAYS
- Market Dynamics: PolitiFi tokens linked to figures like Trump and Biden show notable market surges, exemplified by ConstitutionDAO's rapid 300% growth.
- Regulatory Environment: U.S. political parties hold contrasting views on crypto regulation, significantly shaping investment landscapes.
- Election Impact: Critical election dates such as primaries and Election Day crucially influence crypto market trends and offer distinct trading opportunities.
CONTENT
Explore top 5 political memecoins and their impact on the crypto market during U.S. election cycles, influenced by party stances on cryptocurrency.
In 2024, the U.S. presidential election is unlike any other, filled with a palpable tension as opponents adopt a ‘do or die’ stance. In this charged atmosphere, the cryptocurrency community has cleverly fused the theme of the U.S. election with meme culture, capturing global attention.
On March 5th, CoinGecko added a new PolitiFi token category, focusing on memecoins related to political figures. This new segment quickly gained traction, seeing a market value increase of 42% in just one day, with 24-hour trading volumes exceeding $400 million, making it the sector with the highest daily growth rate.
(source: CoinGecko)
As the U.S. election approaches, this article will guide you through key moments to watch in the PolitiFi market and potential investment opportunities to follow.
TOP 5 POLITICAL MEMECOINS
PolitiFi coins are memecoins created around the theme of U.S. presidential elections. These coins typically draw from the names and images of well-known political figures but are not actually connected to these figures; they are purely created for entertainment and speculative purposes.
>>>Read more: Top Memecoins 2024- What You Need to Know
Among these, the most notable is associated with current Republican candidate Donald Trump.
1. MAGA (TRUMP)
This is a memecoin based on Ethereum, created by supporters of Trump for entertainment purposes and is one of the earlier PolitiFi coins. Currently, its market value has exceeded $560 million. Although it has no official link to Trump, he indirectly benefits from the rising market value of the coin, holding approximately $7 million worth of $TRUMP.
(source: CoinMarketCap)
2. ConstitutionDAO (PEOPLE)
The American Constitution Coin, which surged in mid-May with a 300% increase in two weeks. $PEOPLE was initiated by ConstitutionDAO, a decentralized organization founded in November 2021 with the goal of fundraising to bid on a rare copy of the U.S. Constitution at a Sotheby’s auction. Although the bid was not successful, the high community engagement turned the project into a memecoin. As the PolitiFi project continues to grow, its current market value has climbed back to $430 million.
(source: CoinMarketCap)
3. Jeo Boden (BODEN)
Created on the Solana platform, this memecoin is primarily designed to mock Joe Biden and currently has a market value of $180 million.
(source: CoinMarketCap)
4. Doland Tremp (TREMP)
Also a pro-Trump cryptocurrency, established on the Solana platform and known for generating a large number of meme images, its current market value has surpassed $110 million.
(source: CoinMarketCap)
5. MAGA Hat (MAGA)
Created for entertainment purposes, this memecoin is not officially linked or endorsed by Donald J. Trump. It draws from Trump’s slogan “Make America Great Again” and has gained ’emotional value’ in the community, particularly during the election season.
(source: CoinMarketCap)
U.S. POLITICAL PARTIES’ STANCES ON CRYPTO
Overall, both major U.S. political parties exhibit generally positive attitudes toward cryptocurrencies, whether influenced by market trends or in an effort to garner votes.
- Democratic Party: The Biden administration maintains a cautious stance on cryptocurrencies, prioritizing regulation with a focus on consumer protection, anti-money laundering, and tax compliance. The U.S. Treasury and SEC have enforced stringent regulations to ensure transparency and security in the crypto sector. Despite some industry dissatisfaction, particularly from SEC Chairman Gary Gensler, the administration has also supported initiatives for cryptocurrency adoption and compliance, maintaining a balanced approach. Notably, in 2021, it issued an executive order to assess cryptocurrencies’ impact on national financial stability, and by 2024, endorsed the FIT21 bill to establish a digital asset regulatory framework.
- Republican Party: During his presidency, Donald Trump held a negative view of cryptocurrencies, suggesting they were often used for illegal activities and could threaten the traditional financial system. However, Trump’s views on cryptocurrencies shifted after his presidency, particularly during this election period. He has issued NFTs, accepted cryptocurrency donations, and alongside other pro-cryptocurrency figures in his party, has promised to introduce more cryptocurrency-friendly policies.
>>>Read more: How the 2024 U.S. Presidential Election Could Shape the Future of Crypto
U.S. ELECTION PROCESS: KEY TRADING DATES TO WATCH
Experience shows that certain stages of the U.S. election can significantly impact market trends. CoinRank has outlined the key phases and critical dates of the election process:
Primaries and Caucuses (Early 2024 to Summer 2024)
- These are held in each state where voters choose their preferred party candidates through direct voting in primaries or smaller gatherings in caucuses.
National Conventions (July and August 2024)
- Both political parties convene to formally nominate their candidates for president and vice president, with delegates voting based on the results from the primaries and caucuses.
Election Day (November 5, 2024)
- Voters nationwide cast their ballots for president and vice president, although the actual outcome determines the members of the Electoral College.
Electoral College Vote (December 16, 2024)
- Electoral College members cast their votes based on the popular vote from each state to officially elect the president and vice president.
Inauguration Day (January 20, 2025)
- The newly elected president and vice president are officially sworn into office, marking the start of their four-year terms.
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