Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
As the 2024 U.S. presidential elections heat up, political-themed meme coins are gaining significant traction, drawing attention from both crypto enthusiasts and mainstream audiences.
What Happened: The intersection of politics and cryptocurrency is creating a fertile ground for politically themed meme coins. With increasing media attention and the upcoming presidential debates, these digital assets are poised for notable volatility and growth.
Former House Speaker Nancy Pelosi recently expressed disapproval of President Joe Biden debate with former President Donald Trump, citing the latter’s unfavorable behavior in past debates.
TRUMP To Break Resistance, BODEN Bottoming
Resdegen, an engineer at Proximityfi, highlights the political backdrop influencing these digital assets. "The attention around elections is starting and getting hot," he notes, pointing to the contrasting stances of the candidates: "Trump endorsing crypto vs. Biden punishing it."
He also foresees an impact on the Maga Memecoin (CRYPTO: TRUMP) when former President Trump mocks President Biden, suggesting that many investors might delay their entry until September or October, potentially missing earlier opportunities.
Resdegen expects the $10 resistance to finally break as market participants front-run the expected political debates in summer. For Jeo Boden (CRYPTO: BODEN), he hints at a potential bottom indicating a possible rebound.
Price Action: In the past 24 hours, TRUMP is down 3%, while BODEN is down 4%.
Also Read: Donald Trump Says ‘You Better Vote’ For Him If You’re Pro-Crypto: But Has He Always Been ‘Fine With It’?
TRUMP To Be In Top Three Meme Coins, CMO Says
Steven Steele, CMO of Maga Memecoin, shared his enthusiasm about the progress and future of the TRUMP meme coin. He emphasized the coin’s current position, being the 11th most popular meme coin, and predicts further growth as the 2024 election approaches.
Steele proudly stated, "We've raised about $1.5 million in Ethereum for our charity partners to house homeless veterans & to fight child trafficking," positioning TRUMP as the most successful charity project in crypto history.
Hes underscored the TRUMP meme coin's role within the MAGA movement and its mainstream recognition. "This movement is worldwide and fiercely loyal," Steele asserts, forecasting that TRUMP will soon rank among the top three meme coins globally.
The meme coin's availability on multiple blockchains, including Ethereum (CRYPTO: ETH) , Solana (CRYPTO: SOL), BNB (CRYPTO: BNB) and BASE, furthers its accessibility and appeal. Steele concludes with optimism, anticipating a "wild wild 2024-2025" for the meme coin space.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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