Originally published on: October 15, 2024
Political-driven memecoins have been on the rise leading up to the United States November presidential election. The question now is, will they fizzle out after the election, or is this just the beginning for these tokens?
In the world of cryptocurrency trading in 2024, a memecoin frenzy has taken over, with political association tokens like Jeo Boden (BODEN) and Maga (TRUMP) outperforming other categories. While many believe these tokens will peak before the election and then fade away, others argue that the right attributes can help them thrive post-election.
Kyle Kemper, who has worked on political campaigns and developed the Make America Health Again (MAHA) memecoin, sees a bright future for PolitiFi tokens if they can unlock new use cases and add more value to the market. However, the reality is that most memecoins don’t last long enough to evolve.
According to market analyst Crypto Rand, memecoins heavily rely on social media sentiment and hype, leading to rapid growth followed by a quick decline. The lifespan of a memecoin is typically short, with many tokens disappearing within three months.
While some see memecoins as pure gambling, and investors have little intention of holding onto them long term, there is still potential for political-based memecoins. These tokens could be used to fundraise, incentivize grassroots involvement, and foster ongoing engagement in political movements, making them a powerful tool in the future of politics and finance.
Weiss Ratings research editor Jurica Dujmović believes that PolitiFi memecoins with clear utility could outlast the US elections. Nicholas Passino, co-founder of the MAGA MEME PAC, also sees a broader movement beyond a single election represented by these tokens.
With so many memecoins being launched each week, picking genuine projects with long-term viability can be challenging. Traders should look for coins built around figures or ideas that can sustain community interest.
In the world of PolitiFi memecoins, Donald Trump dominates the market due to his strong meme-driven community and ability to capture media attention. While Trump-themed tokens are popular, coins based on other political figures like Biden or Harris have struggled to gain traction.
Despite this, there are still opportunities for coins that poke fun at politicians, as seen with the recent surge in a Biden-themed parody memecoin. As political figures resurface and hit the spotlight, various memecoins could see a resurgence of interest.
The future of PolitiFi memecoins post-election remains uncertain, but there is certainly potential for these tokens to evolve and continue playing a role in the intersection of politics and finance. Subscribe to the Markets Outlook newsletter for more insights on investment opportunities and trading strategies.
