In the ever-evolving world of cryptocurrency, a curious new trend has emerged – the rise of politics-themed meme coins. Leading the charge are two digital assets inspired by the former and current US presidents and mortal enemies, Donald Trump and Joe Biden.

These intentionally goofy tokens, dubbed “Doland Tremp” (TREMP) and “Jeo Boden” (BODEN), have captured the attention of crypto enthusiasts and sparked a frenzy of speculative trading.

The Birth of Politics-Themed Meme Coins

Meme coins, as the name suggests, are cryptocurrencies that draw their inspiration from popular internet memes, jokes, and cultural phenomena. These digital assets, often characterized by their whimsical branding and questionable utility, have gained a significant following in the crypto community, particularly on the Solana blockchain.

The emergence of TREMP and BODEN, however, is taking the meme coin craze to a new level, tapping into the highly polarized political landscape of the United States. Meme coins often heavily rely on strong narratives because the asset class all comes down to speculation.

Meme coin traders are all trying to buy what they think the rest of the meme coin community likes, expecting them to invest in the coins, driving prices up. This is why narratives are so powerful here. Some meme coins, like dogwifhat or WIF, succeed because they are about as silly as possible while others, like Floki Inu, are references to Elon Musk and other celebrities.

These political tokens, which are a parody of the names and images of the former and current US presidents, have experienced a remarkable surge in value. They are likely primarily fueled by the anticipation surrounding the upcoming 2024 presidential election and the common disdain for both characters. The face the coins are distorted, dumb-looking meme versions of each candidate, clearly making fun of the absurdity that they are the 2 choices given to the American people for the highest office of the land.

As of today, the most successful politically-themed token has been Jeo Boden (BODEN), with a market capitalization of over $544 million. MAGA (TRUMP), whose market capitalization stands at $187 million, comes in second. TREMP was launched in August 2023 with the additional angle of a social cause as some of the proceeds it earns from collecting a 1% on buy and sell transactions are donated to US Veterans and child support programs.

BODEN: The Biden-Inspired Token Soars

boden website features joe biden memes

Leading the pack of the newest ‘policoins’ is the Jeo Boden (BODEN) meme coin, which has seen a staggering 2,221% increase in its value since its launch in early March. Hosted on the Solana network, BODEN features a website filled with exaggerated parodies of President Biden, complete with the ubiquitous Comic Sans font and an abundance of memes.

The recent surge in BODEN’s price, which includes a single-day price jump of 70%, has been largely attributed to the continued acceleration of meme coin trading volume as well as news of Donald Trump leading Joe Biden in several swing states, according to the latest polls. This political development has sparked renewed enthusiasm among investors who are keen to speculate on the outcome of the upcoming election using these tokens.

TREMP: The Trump-Inspired Contender

Not to be outdone, the Doland Tremp (TREMP) meme coin, which draws inspiration from former President Trump, has also experienced a surge in value, gaining over 28% on 4 April. On that same day, BODEN rallied by nearly 31%.

Also read: Miss Out On the Last 1000x Memecoin? Here’s How Traders Find Them Early

TREMP, which was minted on the Solana blockchain in early March, has attracted a dedicated following of crypto enthusiasts who are eager to capitalize on the political divide and the endless media coverage of the battle. Like its Biden-inspired counterpart, TREMP features a website filled with tongue-in-cheek references and memes targeting the former president.

The competition between BODEN and TREMP has been described as a “blockchain election”, where the battle for token value has become a proxy for the ongoing political tensions in the United States.

Meme Coin Mania on Solana Gets Sillier by the Minute

The success of BODEN and TREMP is not an isolated incident but rather a reflection of the broader meme coin craze that has taken hold on the Solana blockchain. Solana has emerged as a preferred destination for crypto degens (short for “degenerate” investors) seeking to capitalize on the latest meme coin trends. “Degens” has become a mostly positive term in this community, referring to dedicated meme coin traders who seek out the silliest and wackiest meme coins to invest in at great risk.

According to CoinDesk, the market for these politically-themed meme coins, collectively known as “PoliFi” has seen a significant increase in activity, with the segment amassing a total market capitalization of nearly $220 million. The surge in meme coin trading has also contributed to a 60% rise in the price of Solana’s native token, SOL, over the past month.

However, the influx of meme coin activity has not been without its challenges. Users have reported congestion on the Solana network with many failed transactions due to the sheer volume of activity.

This has highlighted the potential scalability issues that the Solana blockchain may face as it continues to attract a growing number of speculative crypto projects.

The Risks of Meme Coin Investing

TREMP meme coin chart all time

While the rapid rise of BODEN and TREMP may be exciting for investors, it’s important to note that meme coins, by their very nature, are highly speculative and volatile investments. Unlike more established cryptocurrencies like Bitcoin (BTC) and Ether (ETH), meme coins typically lack inherent value, and their price surges are driven primarily by hype, social media trends, and the whims of the crypto community. Furthermore, they rarely perform well in Bitcoin bear markets.

Meme coins are about as far as you can get from safe financial assets. In fact, most of them are typically the subject of “rug pulls” – a scam where the founders of a crypto project dump their massive holdings onto the community, causing hundreds of investors deep losses while they pocket millions on the trade. Nevertheless, they provide such enormous profit potential that they are still incredibly popular in the crypto community.

The Broader Implications of Politics-Inspired Meme Coins

The surge in politics inspired meme coins like BODEN and TREMP highlights the growing influence of cryptocurrency and blockchain technology in shaping political discourse and engagement.

These tokens, with their irreverent branding and meme-fueled narratives, have the potential to attract a new generation of politically active investors, particularly among younger demographics who now are especially disconcerted with the political system.

Also read: These are the Fastest Growing Cryptocurrencies of 2024

Regulators and policymakers will probably be keeping a close eye on the meme coin phenomenon as they grapple with the challenges of balancing innovation with protecting consumers from unlawful schemes that harm their financial well-being.

The Future of Politics-Themed Meme Coins

The success of BODEN and TREMP is a testament to the power of internet culture and the enduring appeal of memes in the crypto space. However, as the market for these politics-themed tokens continues to evolve, it remains to be seen whether they will maintain their momentum or face a swift demise, like many other meme coins before them.

Ultimately, the fate of these political meme coins will depend on a delicate balance of factors, including the continued interest of crypto enthusiasts, the ability of the project teams to maintain relevance and engagement, and the regulatory landscape that governs the cryptocurrency industry.

As the 2024 US presidential election approaches, the fascination with BODEN and TREMP is likely to intensify, with investors closely tracking the performance of these tokens as a proxy for the political landscape.

A Cautionary Tale in Meme Coin Mania

The rise of BODEN and TREMP is a captivating chapter in the ever-evolving world of cryptocurrency. These politically-inspired meme coins have tapped into the zeitgeist of the crypto community, leveraging the power of memes and the ongoing political polarization in the United States.

While the rapid price appreciation of these tokens may be enticing, investors would do well to remember the inherent volatility and risks associated with meme coins. The potential for rug pulls, market manipulation, and the distortion of political discourse are all valid concerns that must be weighed carefully. BODEN and TREMP may have skyrocketed but most meme coins don’t and eventually become worthless.