Benzinga - As the presidential race is heating up and crypto continues its bull run, it only makes sense to see the two combine. There have been a variety of crypto projects over the past several months that combine meme coins, crypto, politics and an overall sense of eccentricity. These projects are paving a new asset class that some are calling "PoliFi."
While there have been some popular crypto-political projects in the past, such as Trump Digital Trading Cards, the newest fad has been to create meme coins revolving around presidential candidates. Two of the most recent tokens created are doland tremp (tremp) and jeo boden (Boden). And yes, that is how the tokens are spelled.
Don't Miss:
- If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
- About 22% of the adult population in the U.S. own a share of Bitcoin, how much would $10 get you today?
The tokens, created on the Solana chain, have seen huge price increases over the past week. Since tremp's launch on Feb. 27, the token has gone from $0.0001 to a high of $0.1393 on March 7, marking an increase of 139,200%. Boden was launched on March 3 and has seen a similar price increase. It began trading for $0.00004 but reached a high of $0.076 on March 7. This means that boden appreciated more than 189,900% in just three days.
The political meme coins seem to be a way for investors to place wagers on elections. Steven Steele, marketing director of MAGA Coin (TRUMP), said that PoliFi has "evolved to become this kind of de facto betting market on the election for many investors." TRUMP in particular saw its price appreciate when Trump performed well in primary elections.
Tremp and boden are only two of the many meme coins that have popped up on the Solana chain in the past months. Popular tokens Bonk (BONK) and dogwifhat (WIF) have been hits in the crypto community, garnering huge amounts of attention and investment.
Trending: Large boom in cryptocurrency and metaverse interest as BTC skyrockets — has Apple Vision Pro increased the demand for virtual real estate?
The tokens do not even try to be serious. The websites for both boden and tremp are fraught with memes, intentionally misspelled words and crudely drawn pictures of the candidates. However, this may be more of an attractor to the tokens than you may think. While some may view the tokens as a way to wager on the outcome of the election, others see it as a fun game to throw a few extra dollars into.
A $10 investment into boden when the project first started would be worth $19,000 now. Not too bad for those who were able to get in early.
With tons of stories coming out of both crypto and politics, perhaps none are as off center as the recent PoliFi meme coins of tremp and boden.
Read Next:
- Bitcoin To $100,000? Here’s what gold bug Peter Schiff said could happen on Anthony Pompliano’s podcast.
The last-standing top crypto exchange without a major security breach offers what now?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.