There are many crypto projects, each of which occupies a certain niche, be it the scientific field (DeSci) or, for example, social networks (SocialFi). Politics and memes dedicated to it have not been left out.
In recent months, the entire world has been closely watching the presidential race in the United States, and, of course, many politicians have managed to create memecoins associated with them and their ideas. Usually, such tokens play on either the politician’s personality, his ideology and election program, or the current political agenda in general.
Currently, the most popular political memecoins are those that are somehow related to the Republican presidential candidate Donald Trump. Among the ten largest memecoins by capitalization, nine are related to him, his ideas, or the slogan “Make America Great Again” (often abbreviated as “MAGA”). Let’s look at some of them.
MAGA (TRUMP)
The second place in the PolitiFi segment and the 224th place in the crypto market as a whole is occupied by the MAGA (TRUMP) project with a capitalization of over $176 million, clearly aimed at supporting Donald Trump. The total supply is 47,000,000 coins.
The developers emphasize that MAGA (TRUMP) is used to raise funds for socially significant projects, including support for US veterans. The official website also contains instructions for purchasing a token on the Ethereum or Solana blockchain.
The MAGA (TRUMP) rate, like other similar memecoins, is linked to real-world events that pump up their value. Thus, on the day of the assassination attempt on Trump on July 13, the token rate exceeded $10, although the day before the incident, the maximum value was slightly more than $6.94.
MAGA (MAGA)
The third place in the PolitiFi segment and 735th place in capitalization overall is occupied by MAGA (MAGA) with a total market value of over $20 million. The project’s mascot is a red Trump cap with the election slogan. The total supply is 420,690,000,000 coins. The dynamics largely repeat the movement of MAGA (TRUMP), and extremely high volatility is observed here.
Super Trump Coin (STRUMP)
Super Trump Coin (STRUMP) is the fourth-largest political memecoin, but its market cap doesn’t even allow it to make it into the top 1000 cryptocurrencies. The token is only ranked 1,003rd with a total market value of about $9 million. The total supply is 2,600,000,000 coins. The coin plays on the story of the 2021 Capitol protests and rally, and Trump himself is the mascot.
There are other less popular PolitiFi projects featuring Donald Trump, such as Baby Trump, Donald Tremp, Fear Not, MAGA Again, and others. He is so popular in the memecoin segment that there are coins combining Trump’s image with attributes of other popular memes in the crypto community: MAGA Pepe, MAGA Doge, MAGA Shiba, and others. But projects associated with the names of other politicians are no less popular. Let’s take a closer look at some of them.
KAMALA HARRIS (HARRIS)
Tokens dedicated to the Democratic Party candidate for US President Kamala Harris have gained relatively good popularity.
One of the most popular is KAMALA HARRIS (HARRIS). However, the trading volumes are quite small and it is difficult to estimate the real capitalization of the project. According to optimistic estimates, it may exceed $12 million. The total issue is 420,690,000,000 HARRIS.
Other well-known memecoins dedicated to Kamala Harris include Kamala Horris (KAMA), KRAZY KAMALA (KAMALA), and others.
Boden (BODEN)
Another hero of political memecoins is Joe Biden, the current US president and recent candidate for re-election. In July, he dropped out of the presidential race, making way for Democratic candidate Kamala Harris. The BODEN token, of course, did not take the news well and is now trading close to $0, although at its peak it cost 95 cents. BODEN’s market cap, which was almost $650 million in April, has fallen to $5 million.
It seems that after Biden dropped out of the race, the BODEN token lost interest and was abandoned. At least, there are no prospects for a new pump wave. And it seems that the authors of the project think the same – the site dedicated to BODEN is no longer responding. However, this does not mean that it will not be raised if interest around the coin suddenly appears again.
Other PolitiFi Tokens
At various stages of the presidential race, certain hopes were also placed on the JILLBODEN token, dedicated to the wife of the current US President Jill Biden, and OBEMA, which refers to the wife of the 44th US President Barack Obama, Michelle Obama. OBEMA was apparently created on the wave of rumors that Michelle Obama could become the Democratic Party’s presidential candidate if Biden withdrew his candidacy. However, as we know, Michelle Obama did not become a candidate, which means that the bet made by the token’s creators did not pay off.
Interestingly, some projects seem to have been started by the same developers, so the creators may not share any specific political beliefs. Rather, they prefer to create a new tool for a possible pump.
So, apparently, the tokens TREMP, BODEN, JILLBODEN and OBEMA were created by one team. This is evidenced by their stylistic similarity, the common Solana blockchain and similar sites. That is, in fact, the authors of these projects created a kind of totalizator, where the token quotes reflect the news related to the election race. And when someone buys a token dedicated to a specific politician, he, by and large, bets that the news will be in favor of this person, and the token price will react to them.
ConstitutionDAO (PEOPLE)
There is another phenomenon in PolitiFi that stands apart from political memecoins: the ConstitutionDAO and its PEOPLE token.
ConstitutionDAO had a very serious goal: to acquire an original copy of the United States Constitution at a Sotheby’s auction in November 2021. Although the goal was not achieved, the ConstitutionDAO project became an example of the power of DAOs and crowdfunding through cryptocurrency.
The idea behind ConstitutionDAO was to raise money from a large number of people to bid on a rare, first edition of the Constitution — one of only 13 surviving copies. The project was built on the Ethereum blockchain, and contributors could send ETH to the ConstitutionDAO smart contract address in exchange for PEOPLE tokens. These tokens represented their share of the collective “buying power” and voting rights in the DAO.
Despite raising over $40 million and becoming one of the largest crowdfunded projects in history, ConstitutionDAO was ultimately outbid and did not win the auction. Following the auction, the ConstitutionDAO team announced that they would refund the funds to contributors minus the gas fees paid during the transactions.
Despite the fact that the project’s history ended several years ago, ConstitutionDAO remains the number one political project by market cap. Although the PEOPLE token can be exchanged for ETH at a rate of 1,000,000:1 (losing only gas fees and possibly the exchange rate difference compared to the initial investment), not everyone was in a hurry to part with it even after ConstitutionDAO announced that it would not support the coin.
Conclusion
In general, the political segment is represented in cryptocurrencies rather superficially — mainly by memecoins associated with media political figures and the news agenda. The market for political coins can be considered a kind of betting, where investing in a coin means betting that the news background will inflate interest in it. On the other hand, the history of ConstitutionDAO shows that blockchain can become fertile ground for more serious projects.
This material and the information in it are not individual or any other investment recommendation. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
