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Political Meme Coins Surge Amid U.S. Election Drama
The cryptocurrency market has seen an influx of political meme coins, with some experiencing dramatic price swings. Notably, “Jeo Boden” is now 98.2% off its all-time high set three months ago, while “Kamala Horris” has surged by 3,875% since May. These meme coins often feature cartoon avatars of U.S. political candidates with intentionally misspelled names.
Recently, Kamala Harris secured the Democratic nomination after Joe Biden exited the race, causing increased volatility in these digital assets. Coins like Kamala Horris, “Jeo Biden,” and “Donald Tremp” are rapidly changing in value as traders attempt to navigate the ever-shifting crypto landscape.
KAMA: A Rising Star
KAMA, a Solana-based meme coin inspired by Vice President Kamala Harris, launched on May 30 at a value of $0.0006. As of now, it has skyrocketed by 3,875%, breaking the $0.02 mark with a fully diluted market valuation of $25.4 million. This rise reflects Harris’s growing momentum as she prepares to face Trump in the upcoming election.
Harris’s campaign has seen significant financial support, with $100 million donated since its launch, including a record-breaking $81 million on the first day alone. Prediction markets indicate her chances of victory are increasing daily.
TRUMP: The Most Valuable Political Meme Coin
Given his crypto-friendly stance, Trump-related coins are among the most valuable in the “PoliFi” meme coin movement. These often incorporate his “Make America Great Again” slogan. However, many Republican-centered coins have recently faced declines. The largest token, TRUMP, has a market cap of $279 million but has dropped 20.6% in value over the past week.
Jeo Boden’s Decline
Spare a thought for those holding Jeo Boden. BODEN is now at $0.01171 after plummeting more than 50% over the past week, primarily due to Sunday’s sudden announcement. This meme coin reached an all-time high of $1.07 in April but is now down over 98%. Given President Biden’s impending exit from politics in January, this asset is unlikely to recover.
The unpredictability and potential for losses in political meme coins are evident. Low liquidity can make it difficult to cash in on profits, and bearish downturns can be swift and severe.
Dark Trends and Misinformation
Beyond the election race, another troubling trend has emerged: tokens based on misinformation. Unsubstantiated rumors about Joe Biden’s death recently circulated online, significantly impacting meme coins like BIDEAD and BIDONE. Some of these tokens feature disturbing avatars, such as Biden’s skeleton.
As the U.S. heads to the ballot box, the rollercoaster ride of political meme coins shows no signs of slowing down. New tokens will likely continue to emerge in response to campaign developments, such as the Democratic National Convention, potential debates, and VP picks.
Stay updated on the latest cryptocurrency news and trends at Global Crypto News.
