Altcoin Sherpa, a well-known pseudonymous cryptocurrency analyst, recently shared an interesting analysis regarding the upcoming US presidential elections in November. According to the analyst, two memecoins, MAGA (TRUMP) and Jeo Boden (BODEN), could experience price increases due to the election year excitement.
The TRUMP memecoin draws inspiration from former president Donald Trump, who is once again running for president in the USA. On the other hand, the BODEN meme coin is inspired by the current president, Joe Biden, who is in the race against Trump for re-election.
Altcoin Sherpa expressed their meme strategy, stating that they are focusing on the US politics sector. They currently own TRUMP and USA coins, and plan to add BODEN to their portfolio. They believe that these coins will gain significant attention as the elections progress later in the year, as Trump’s antics and constant presence in the news will contribute to their popularity.
The analyst also emphasized the importance of memes in investment portfolios, suggesting that they should be prioritized over other categories such as defi, L1s, metaverse, gaming, and RWA. They believe that memes will play a significant role in the narrative of the cryptocurrency market this year.
It is worth noting that meme cryptocurrencies inspired by Donald Trump and Joe Biden have shown surprising highs this week, despite the broader market downturn. MAGA (TRUMP) has particularly gained traction and seen a significant recovery in its price.
According to a survey by cryptocurrency analytics platform Santiment, the top 50 memecoins collectively increased their market capitalizations by 10% last week, taking advantage of the rally that started in May. Santiment attributes a large part of these surges to Donald Trump and his pro-crypto endorsements. Mentions of Trump spiked near the local cryptocurrency bottom, while traders expressed concerns about Biden’s potential anti-cryptocurrency policies.
At the time of writing, the price of MAGA (TRUMP) stands at $5.40, experiencing a 4.1% decrease in the last 24 hours.
It’s important to note that the views expressed by the author and anyone mentioned in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In conclusion, memecoins inspired by Trump and Biden have shown remarkable gains despite the market downturn. MAGA (TRUMP) has particularly taken off, demonstrating a significant recovery.