2024-06-14 10:46:39
Once limited to jokes between cryptobros, the « meme coins » are invading the American political sphere. Valued at more than $1 billion, they could play an unexpected role in the presidential campaign.
Do you know the meme coinsthese cryptocurrencies based on Internet memes? The most emblematic of them remains Dogecoin. This coin with a dog’s head was the first to go viral. More recently, it was Pepe the Frog, the Internet meme erected as a mascot of the radical right, who experienced a phenomenal success in its crypto versionIts price had increased 200-fold in the space of a year.
In the wake of the American campaign, new meme coins appear and become a means of displaying one’s political opinions.
The unexpected marriage of meme, cryptocurrency and politics
Convinced Trumpists will be able to buy MAGA (for Make America Great Again) at around $12 each. In addition to showing their support for Donald, they can hope to get rich and – more likely – lose everything. Because these new virtual currencies increase tenfold the well-known risks of this market: extreme instability and numerous scams. Next to them, Bitcoin and Ethereum serve as “boomer” cryptocurrencies.
The « Ate Boden » (BODEN) ridicules the current tenant of the White House. In the opposing camp, the same principle applies to the Doland Tremp (TREMP), which can be purchased for $1. But behind the joke, it is difficult not to detect an eminently political phenomenon, halfway between satire and propaganda. The problem is that it is impossible to know who is at the origin of these new kind of memes.
Because these political “shitcoins” are very easy to create. They can be launched by just about anyone, at no cost. Increasingly popular, they are the latest invention of the Degens, high-risk traders who make millions out of nothing.
Speculative Voters: How to Make Money on the Back of Democracy
These new-style caricatures bring together communities of tens of thousands of speculative voters. They are particularly popular on X, where some, like the PEOPLE of ConstitutionDAO reach 75,000 subscribers.
Pour Andrew Kangwho runs a specialist investment fund, the phenomenon of these cryptocurrencies must be taken seriously: “The meme coins rely on the attention economy, and Trump is probably the best attention grabber in the world.” He said meme coins Policies have immense potential. Andrew does a simple calculation: “The American primaries have just started, and now you have a state election every two weeks until the summer, so there is [Donald Trump, ndlr] is constantly in the news cycle.”
Billion Dollar ‘Jokes’: Welcome to the Age of PoliFi
As proof, specialized sites like CoinGecko now has a new category: “PoliFi” pour Political Finance Tokens. They are found alongside reputable and audited blockchain projects. If this “sector” could raise a smile, it has taken on dizzying proportions. The PoliFi token craze is now worth $1.5 billion and is being promoted to the general public, with the blessing of industry giants. Binance, the largest cryptocurrency exchange platform, has listed PEOPLE, from the ConstitutionDAO project. Just like Kraken, which has added several similar tokens to its offering.
In France, the phenomenon has only been attempted once. In 2022, supporters of Eric Zemmour created “zCoin” . Without much success, the creators had vanished, taking with them the investors’ money. Two years later, cryptomemes have matured again in the United States, and it is the Republican camp that remains one step ahead.
Pro-crypto electorate wants to influence US election results
Because the first to seize it was the Donald Trump clan. And for the 2024 elections, he intends to exploit the vein to the full. Despite his recent setbacks, he is multiplying the positions that excite the creativity of memers. “I will end Joe Biden’s crusade against cryptocurrencies,” had he launched at a meeting in Washington. Trump himself has 500,000 MAGA tokens donated by the meme’s creators, in order to promote it. A gesture that probably inspired him: in front of Silicon Valley bosses, he self-proclaimed ” crypto president ».
For their part, Democrats are more cautious about cryptocurrencies. However, they have to look into them reluctantly. And for good reason: 20% of voters in the ” swing states » would be pro cryptos, according to a study ordered by Coinbase. These undecided but crucial states can swing the election. This is why Joe Biden will probably have to tame PoliFi to stay in the race, while avoiding falling into ridicule. The Democratic Party is in any case starting to recruit meme pages manager. An additional sign?
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