Donald Trump has surged ahead of Joe Biden in the realm of political meme coins.
Cryptocurrency tokens linked to the former President have seen a significant rise in both trading volume and value in recent weeks, coinciding with the approaching November U.S. presidential election and the anticipation of their first public debate.
Among the top 10 political meme coins ranked by market value, seven are centered around Trump, often leveraging his Make America Great Again slogan, such as MAGA and MAGA Hat, according to data from crypto platform CoinGecko. In contrast, only one token, Jeo Boden, is tied to President Biden.
The largest token linked to a political figure, MAGA, trades under the ticker TRUMP on exchanges and was launched in late August 2023. Its market value has surged from negligible at the start of the year to as high as $775 million in June.
In comparison, Jeo Boden, launched in March, briefly reached a market value of $648 million shortly after its debut before stabilizing around $87 million.
Forrest Przybysz, CEO of Sistine Research and a cryptocurrency trader, notes that meme coins are inherently speculative and driven by cycles of attention. “Tokens that can sustain attention tend to see higher price fluctuations,” he explained. “Given Trump’s ability to attract attention, he’s an ideal subject for a meme token.”
Political tokens constitute only a fraction of the broader meme coin market, which is valued at approximately $46 billion. These cryptocurrencies, known for their speculative nature and volatility, are often driven by internet trends and jokes within a niche segment of the larger $2.3 trillion cryptocurrency market, according to Coingecko estimates.
The origins and legitimacy of some tokens are debated on social media, with traders cautious of potential scams where developers disappear with investors’ funds, known as a “rug pull.”
