Trump Memes Reign Supreme in the World of \'PolitiFi\' Tokens

Crypto tokens linked to former President Trump have leapt in volume and value in recent weeks as the November U.S. presidential election heaves into view.

Crypto tokens linked to former President Donald Trump have surged in volume and value in recent weeks as the November U.S. presidential election approaches and the arch-rivals prepare for their first public debate.

Of the top 10 political meme coins by market value, seven are based on Trump, with many playing on Trump’s Make America Great Again slogan, such as MAGA and MAGA Hat, according to crypto platform CoinGecko, while only one - Jeo Boden - is related to President Biden, CoinGecko data shows.

The largest token linked to a political figure, MAGA, trades under a ticker called TRUMP on exchanges and was launched in late August 2023. Its market value has leapt as high as $775 million in June from nearly nothing at the start of the year.

Forrest Przybysz, a cryptocurrency trader and CEO of Sistine Research, says meme coins by their nature are not only highly speculative but also driven by attention cycles.

"The more attention a token can hold and maintain, usually the higher it's price will go ... he added. "Trump is an attention magnet. Therefore he is the ideal subject for a meme token."

"We should expect price and speculation on a Trump-based meme token to rise as we get closer to the election."

Political tokens are a fraction of the $46 billion market value of meme coins - hyper-speculative, volatile and risky cryptocurrencies often driven by internet jokes - which are themselves a niche segment of the broader $2.3 trillion cryptocurrencies, per Coingecko estimates.

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