Buy Trump? Participate in the U.S. election in a Web3 way

With the bull market of Bitcoin, various Meme coins have surged, ushering in a bull market for "dog coins." Over the past few months, we have witnessed the miraculous rise of the hundredfold coin BOME, which soared to five exchanges in one day, and experienced the ups and downs of Slerf. Now, the narrative around Meme coins has taken on a new perspective. The concept of Meme related to the U.S. elections is booming in the crypto space. With the arrival of the U.S. election season in November this year, MemeCoins represented by Trump are starting to gain momentum. Just today, the Trump-themed coin MAGA saw a 24-hour increase of over 20%, with its price rising to $15, setting a new historical high. In this article, TrendX will provide an overview of presidential concept coins.

Trump and MAGA

Since the Bitcoin halving, the cryptocurrency market has remained sluggish, with the market in a state of consolidation. BTC has repeatedly attempted to breach the $70,000 mark without success, instead triggering market fluctuations.

In contrast to Bitcoin's tepid performance, the Meme coin sector has recently emerged strongly, showing significant upward momentum. Among them, the Meme sector related to the U.S. elections and the "king of retail investors" in the U.S. stock market has been particularly prominent. Especially, the Trump-themed coin TRUMP has been on a continuous rise recently.

According to CoinGecko data, the MAGA coin themed around former U.S. President Trump has skyrocketed nearly 800% in the past three months. It may soon become a member of the Meme coin hall of fame, alongside DOGE and SHIB.

Interestingly, Biden, who is Trump's biggest competitor in this U.S. presidential election, had previously launched a Meme coin, but compared to the excellent performance of the MAGA token, the largest Biden-themed coin has a market cap of only about $198 million. This pales in comparison to MAGA's market cap of around $600 million.

The popularity of the Trump concept is not only reflected in the MAGA token; other MemeCoins related to Trump have also shown strong gains. According to BlockBeats, on May 27, the Trump-themed tokens continued to rise, with MAGA (TRUMP) currently priced at $12.65, a 24-hour increase of 31.68%, setting a new historical high; MAGA Hat is currently priced at $0.0005287, with a 24-hour increase of 160.6%, also reaching a new historical high.

At present, MAGA is one of the strongest U.S. election concept Meme coins.

The Correct Way to Participate in Presidential Concept Coins

The explosive popularity of the MAGA token is related to Trump's relatively positive image among the American public and people worldwide, as well as his shift in attitude towards cryptocurrencies.

In 2019, Trump vehemently 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 have no intrinsic value, are created out of thin air, and are unregulated, which allows them to be used for illegal activities, including drug trafficking and other illegal activities." In 2021, Trump reiterated his personal view, stating, "Bitcoin looks like a scam. I don't like it because it competes with the dollar."

However, as Web3 and the concept of cryptocurrencies have grown robustly, and the approval of the BTC ETF marked the acceptance of the crypto industry by traditional financial markets, Trump changed his previous opposition stance. At an NFT event held earlier in Florida, former President Trump claimed to support cryptocurrencies and promised to accept cryptocurrency donations. Additionally, Trump promoted his own NFTs at the event, claiming to be an advocate for cryptocurrencies. Recently, Trump expressed his support for the development of cryptocurrencies in a conference video and called on supporters to vote for him. Trump's comments not only triggered fluctuations in the cryptocurrency market but also directly propelled the price of MAGA.

Moreover, according to NFT Floor data, the Trump Digital Trading Cards minted on Polygon also saw an increase of over 100%.

Furthermore, the different developmental trajectories of various presidential concept coins 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 an intense selection phase, the online waves will become increasingly significant. When it comes to major events involving Trump, "the value of the tokens will directly reflect that," making it a means of predicting the market. For many investors, this has become a de facto election betting market, where if you believe Trump will win, you can place your bets. Prediction market contracts allow traders to monetize their beliefs about Trump's chances of success.

On the prediction market PolyMarket, a contract regarding Trump's chances of winning the presidential election has liquidity exceeding $6.46 million, with some bets exceeding $500,000.

In the Web3 market, it is quite simple: if you believe in Biden, buy tokens related to that concept; if you believe in Trump, hold MAGA. It is precisely because the banner raised by Trump is more appealing to retail investors and ordinary people that the market performance of MAGA and BODEN tokens is starkly different. This is also a reflection of community power once again.

In addition to MAGA and BODEN, there are several other 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 governance and, through crowdfunding, purchased the last publicly auctioned copy of the U.S. Constitution at Sotheby's, achieving the goal of "shared ownership," symbolizing human rights and the spirit of decentralization.

The core of $PEOPLE has a distinct leftist color, attracting 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 token with Meme attributes, and its promotional copy closely resembles the U.S. Declaration of Independence, giving $USA more cultural and political significance.

PEPE: The spread of the Pepe meme model can also easily become a tool to bridge relationships with young voters.

In addition to the election day on November 5, there are several key time nodes worth paying attention to:

June 27: First Debate

Presidential debates are crucial in U.S. elections, as they can significantly alter the course and process of the election. Debates are not only platforms for showcasing policy views but also battlegrounds for candidates to undermine and smear each other. Historically, debates have often become turning points in elections. This year, Biden and Trump have agreed to hold debates in June and September, with both sides attacking each other on social media, foreshadowing a showdown filled with tension.

September 10: Second Debate

After accepting the invitation for the June 27 debate, Trump and Biden also announced their agreement to hold a second debate on September 10. Traditionally, presidential elections usually feature three debates, but this time there will only be two, making the second debate even more significant. The first debate will be hosted by CNN, while the second debate will be hosted by ABC. This debate in September may be the last formal confrontation between the two this year, likely to be more intense and expected to attract national attention once again. The process of the second debate will also have a profound impact on the election results, making it a key node 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 a peaceful transition of power. The inauguration ceremony is typically 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:

Data shows that the cryptocurrency data tracking site CoinMarketCap registered 138 ERC-20 Meme coins in April this year, a 666% increase compared to 18 in the same period last year. The development of Meme coins reflects, to some extent, the awakening of ordinary individuals in the Web3 space and even the traditional world, manifesting as anti-institutional and anti-exchange sentiments, believing that community-led projects are the real projects.

However, please note that MemeCoins carry significant risks and volatility, especially when narratives are on the verge of materializing, making it easy to experience a price crash. The 60th U.S. presidential election will be held on November 5, 2024, at which point this coin may reach its peak before fading away. Knowing when to buy is wisdom, while knowing when to sell is great wisdom.