With AssangeDAO stealing headlines with its recent 80% rally, similar coins and tokens that evoke the same political themes are once again in the limelight. This combined with the familiar sightings of memecoins like Jeo Boden and Doland Tremp across social media has caused crypto traders to speculate about a future surge in attention towards PolitiFi coins as the 2024 U.S. presidential election race heats up.
As an all-new narrative that’s driving the crypto trading frenzy, PolitiFi has been top of mind for many crypto traders with the recent headlines often featuring and referencing political figures. This is no coincidence, as memecoins with political themes are flooding the crypto markets with their witty jabs and satirical references.
Intrigued about the existence of such politically-charged memecoins? From understanding what PolitiFi is to highlighting which PolitiFi coins are popular among crypto traders, here’s everything you need to know about PolitiFi and the memecoins driving this political crypto narrative.
TL;DR
-
PolitiFi refers to a category of memecoins that injects political themes and satire into the cryptocurrency space.
-
With the 2024 U.S. presidential race heating up, interest in PolitiFi coins is surging. These memecoins offer a unique way to engage with politics in a lighter vein, providing a humorous outlet for political commentary and social engagement.
-
The PolitiFi landscape features a range of memecoins, with top PolitiFi coins including ConstitutionDAO (PEOPLE), MAGA (TRUMP), and Jeo Boden (BODEN) that add layers of humor to the political memecoin scene.
-
PolitiFi coins offer a double-edged sword. On the plus side, they can spark important social conversations and even raise funds for charitable causes. However, their value is highly volatile due to their memecoin nature.
-
The future of PolitiFi coins is unclear as their popularity is heavily tied to the 2024 U.S. elections. To continue staying relevant, PolitiFi coins may need to adapt and evolve beyond their current meme-based foundation.
What is PolitiFi?
PolitiFi refers to a category of memecoins that inject political themes and satire into the cryptocurrency world. These coins tap into the zeitgeist of current events, particularly those with a strong political flavor. Examples of PolitiFi coins include memecoins emblazoned with the hilariously misspelled names of prominent political figures and the ironic merging of politicians with internet memes. By capitalizing on the heated debates and social media frenzy surrounding elections and political issues, PolitiFi coins spark conversation and amusement by poking fun at these divisive political topics.
Who creates PolitiFi coins?
Unlike conventional crypto projects with doxxed teams and roadmaps, the creators of PolitiFi coins often choose to operate in anonymity. This can be attributed to several factors that range from being able to freely make light of political figures without fear of repercussions, to avoiding individual recognition and keeping the focus on fostering a community around a shared interest in politics and crypto.
This raises the question — how then are crypto traders able to stay informed about PolitiFi coins given their ambiguous nature? Despite remaining anonymous, you can explore official websites, participate in online communities associated with the coins, and look out for whitepapers that may mention details about these political memecoins.
Why are PolitiFi coins so popular?
For many, a big draw of PolitiFi coins is that they don’t take themselves seriously. It’s this tongue-in-cheek nature that can draw in crowds of curious onlookers and political skeptics. From including the misspelled names of prominent political figures to capitalizing on current events, PolitiFi coins effectively inject humor and satire into the serious world of politics.
More specifically, the recent surge in PolitiFi coins may largely be attributed to these key factors:
Awareness thanks to the 2024 U.S. presidential elections
The biggest reason for PolitiFi coins exploding in popularity is the U.S. presidential elections. As the race for the White House intensifies, political tensions rise, and social media engagement spikes. With such intense engagement within the political battlefield, it’s fair to suggest that some would want to defuse said political tension. PolitiFi coins cleverly tap into this heightened interest, offering a unique way for people to express their political opinions or simply have a hearty laugh through a cheeky memecoin.
The inherent virality of memecoins
Thanks to their satirical nature, memecoins thrive on online communities and social media trends. By combining the potential virality of memecoins with political themes, PolitiFi coins essentially possess the perfect traits to thrive and excel in such a politically-charged environment. Witty memes featuring these coins spread like wildfire, further fueling their popularity and potentially driving up their popularity in the run-up to catalysts like political debates and elections.
Sense of community and camaraderie
As seen among Dogecoin and Pepe holders, memecoin communities are often vibrant and welcoming. Shared jokes, online discussions, and a sense of belonging can be a strong motivator for some crypto traders who are looking to join something greater than the sum of its parts. As such, PolitiFi coins can foster a community around a shared interest in politics and cryptocurrency.
Risks of trading PolitiFi coins
With the dizzying highs come major lows. It’s crucial to understand that PolitiFi coins are a double-edged sword because of their memecoin nature. While they offer humorous takes on politics and can be a source of community engagement, they also come with significant risks:
High memecoin volatility
As with all memecoins, PolitiFi coins are notoriously volatile. Their prices can fluctuate wildly based on sentiment and social media trends. This potentially makes them unsuitable for crypto traders seeking out a long-term trade or those who are simply holding and hoping.
Uncertainty and ambiguity
Unlike established cryptocurrencies with clear use cases and detailed whitepapers describing roadmaps and future development plans, the long-term purpose of PolitiFi coins remains unclear. It’s this uncertainty that leads to crypto traders wondering if these memecoins go beyond being satirical commentary. The overall ambiguity associated with PolitiFi coins can ultimately deter crypto traders who may prefer crypto projects with more tangible utility.
Top PolitiFi coins by market cap
Despite the fast-paced nature of PolitiFi as a crypto narrative, there are a few memecoins that have risen to the top of the food chain. While it’s impossible to determine the best PolitiFi memecoins, below are the top five largest coins in terms of overall market cap.
1. ConstitutionDAO (PEOPLE)
What makes ConstitutionDAO stand out from other top PolitiFi memecoins is that it doesn’t involve references to any political figures. Rather, ConstitutionDAO’s primary objective is to purchase one of only 13 original copies of the U.S. Constitution. Formed in late 2021, the DAO consisted of individuals who were committed to purchasing said rare copy of the U.S. Constitution at a Sotheby’s auction through a massive online fundraising effort. By the project’s end, ConstitutionDAO garnered over $47 million in ETH thanks to contributions from more than 17,000 donors. Unfortunately, they were ultimately outbid at the auction itself in spite of this effort. The DAO then disbanded shortly after, offering full refunds to contributors minus transaction fees. Though their mission wasn’t accomplished, ConstitutionDAO’s story remains a noteworthy example of a community-driven PolitiFi project with a historical preservation goal.
To date, the PEOPLE token associated with ConstitutionDAO no longer offers any rights, governance, or utility. While originally intended to include perks like granting voting rights on the future placement of the Constitution’s copy, ConstitutionDAO’s dissolution rendered those functionalities moot. Currently, PEOPLE tokens can only be redeemed for Ether at a 1,000,000:1 ratio on Juicebox, mirroring the contribution ratio during the initial fundraising phase.
2. MAGA (TRUMP)
Despite not being directly affiliated with Donald J. Trump, MAGA memecoin is one of the top PolitiFi coins to date. Drawing inspiration from the 45th president’s “Make America Great Again” slogan, Shawn Farash and Steven Steele have led TRUMP to take the crypto market by storm. At one point, TRUMP managed to break into the top 100 crypto projects by achieving an all-time high market cap of more than $700 million. While MAGA memecoin has retraced since then, it’s still an immensely popular PolitiFi coin that’s dedicated to raising funds for social causes. At the time of writing, the team has donated more than 500 ETH to homeless U.S. veterans and child rescue efforts.
According to Steele, TRUMP’s price is heavily influenced by Donald Trump’s own activities. For example, surges in price have been observed following positive comments from Trump regarding cryptocurrency, or during periods of heightened political activity surrounding him. This volatility highlights the speculative nature of memecoins like MAGA, whose value is tied more to sentiment and social media trends than to any underlying utility.
3. MAGA Hat (MAGA)
Adorned by celebrities like Kanye West and Mike Tyson, the MAGA hat is a culturally relevant symbol that’s a divisive topic in the political space. As such, it’s no surprise that internet communities have rallied around Trump’s iconic hat by creating a PolitiFi coin inspired by it. The MAGA Hat (MAGA) memecoin operates differently from the previously discussed MAGA memecoin (TRUMP) even though both TRUMP and MAGA share inspiration from Donald Trump’s famous slogan. Unlike the more socially-driven TRUMP, MAGA Hat doesn’t explicitly dedicate itself to charitable causes. Instead, its focus lies in its meme status, with a lighter tone referencing the iconic red hats associated with Trump’s campaign and how the memecoin is a revolution wrapped in a joke.
Despite this distinction, MAGA Hat has still achieved considerable success, reaching a market cap exceeding $288 million at its peak. The team behind MAGA has gone on record to state MAGA’s features include “robust community engagement, Trump debates, MAGA rallies, and the potential for significant media attention due to Trump’s controversial nature and presidential campaigns”. However, similar to other Trump-related memecoins, its value is heavily influenced by current events and online trends surrounding Donald Trump. Whether MAGA Hat can carve out a long-term niche within the PolitiFi landscape remains to be seen.
4. Jeo Boden (BODEN)
Jeo Boden takes a more humorous approach to the PolitiFi scene by going one step further in internet meme culture and referencing the Spoderman and Dolan memes. By playfully misspelling U.S. president Joe Biden’s name and inserting a crude drawing of him, BODEN injects a dose of satire into the often-divisive world of political memecoins. Launched on the Solana blockchain, Jeo Boden capitalizes on the growing popularity of memecoins while adding a layer of political commentary.
While the coin doesn’t have any stated charitable goals, its quirky name and lighthearted approach have resonated with some crypto traders, propelling it to a market cap exceeding $600 million at its peak. However, like other memecoins, Jeo Boden’s value is susceptible to fluctuations based on online sentiment and news surrounding Joe Biden. Its long-term viability within the PolitiFi sphere will depend on maintaining its humorous appeal and potentially evolving beyond its meme-based foundation.
5. Doland Tremp (TREMP)
Like its Jeo Boden counterpart, the Doland Tremp memecoin adopts a similar approach when it comes to marketing TREMP and can be found on Solana. Distinct from both TRUMP and MAGA, TREMP promises to “mek memes gret agen” as it leads the charge in the category of PolitiFi presidential meme candidates. Although TREMP launched in early March 2024, it quickly took flight in terms of overall adoption as its market cap exceeded $100 million at its all-time high. This hints of a possible demand for such Dolan comic-esque PolitiFi coins since TREMP can stand out from the competition despite the already-crowded space of memecoins related to Donald Trump.
Like the other PolitiFi memecoins, TREMP’s success ultimately hinges on its engaged online community, who are actively generating memes, sparking discussions, and spreading awareness across social media platforms. While its future remains uncertain, TREMP’s unique blend of satire and community engagement has carved out a space for itself within the ever-evolving PolitiFi landscape.
The future of PolitiFi memecoins
Predicting the future of any cryptocurrency narrative can be tricky. However, based on the existing state of memecoins in the crypto space, we can glean insights from the current memecoin landscape.
Potential for social and political change
Despite their lighthearted facade, PolitiFi coins could have a significant social and political impact, as seen with DOGE and its charitable use cases. Imagine a specific PolitiFi coin not only satirizing traditional governance but also sparking conversations about blockchain technology’s potential role in shaping a more efficient or transparent system. This could lead to innovation and exploration in how blockchain can revolutionize governance, potentially paving the way for a more secure and accountable future.
PolitiFi’s long-term standing
As many crypto traders know, the memecoin market can be fickle. New trends emerge constantly, while older coins and tokens fade into obscurity. Given that PolitiFi coins came into prominence thanks to the hype behind the U.S. presidential elections, it’s uncertain as to whether these memecoins can maintain their relevance post-election. Ultimately, their long-term viability hinges on their ability to adapt, evolve, and capture the ever-changing interests of the crypto community.
Final words and next steps
PolitiFi as a narrative is a curious case in crypto. As memecoins with a political twist, PolitiFi often attract the spotlight during times of heightened political interest as they’re shrouded in political satire and humor. While their long-term viability remains uncertain, these politically-charged memecoins serve as a reminder of the ever-evolving and sometimes lighthearted nature of the crypto space. As with all memecoins, a healthy dose of skepticism and risk management is advised when you’re trading such highly volatile assets, given their usual lack of longevity within the crypto space.
Curious about other similarly exciting crypto narratives? Check out our guide that includes thoughts and predictions for the next crypto bull run. Additionally, you can also read our take on Solana memecoins for more information on what speculative crypto traders are getting into.
Source: OKX.com
