July 17, 2024
1 Solar System Way, Planet Earth, USA
Crypto

US Election Meme Coins Fall as Presidential Debates Loom: Is Now the Time to Buy?

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US presidential election-themed meme coins fell sharply with the recent crypto market crash. BODEN, related to Joe Biden, fell 24% in the last 24 hours, while MAGA and TREMP, related to Trump, suffered drops of up to 43% and 36%, respectively. Experts shared that this could be a good entry point for speculation, but they recommend caution when betting on meme coins.

As reported According to Crypto Briefing, “Trump coins” took a particular hit with the news that the presidential candidate could be behind the DJT token spread by the Pirate Wires newsletter profile X. It turned out that both Mike Solana, founder of Pirate Wires, and the newsletter's X profiles were compromised.

With “electoral currencies” considered a hot narrative in crypto currently, and with the US presidential debates taking place on June 27, investors are wondering if the current drop is a good rallying point. entry to speculate with these meme coins.

Ben Kurland, CEO of DYOR, believes that the recent pullbacks present an interesting opportunity for speculative investors, especially considering their relationship to political events and Trump's statements.

“If you look at MAGA, for example: the coin rose 78% following Trump's pro-cryptocurrency comments in early May. Now, the same factors can also contribute to sharp declines, such as the significant declines that followed Trump's legal problems. “Much will depend on the upcoming sentencing following his recent guilty verdict in New York, where there is considerable uncertainty,” he added.

Furthermore, Kurland believes that if a harsh sentence is handed down, Trump-related meme coins could fall even further. “However, if the court exercises leniency, which is likely based on the unprecedented nature of these charges, that event could trigger a significant increase in prices.”

Darren Franceschini, co-founder of Fideum, warns investors to remain vigilant and cautious when considering investing in meme coins, regardless of political affiliation.

“It's really important to recognize that the meme world is often dominated by large investors, or 'whales,' who can manipulate these assets to their advantage, often at the expense of smaller investors,” he explained.

Maintain steam for H2?

Kurland believes electoral currencies are likely to remain strong in the second half of the year, especially as the US presidential election approaches. In particular, meme coins tied to political figures and events have historically seen greater volume and price increases during election periods, and the roadmaps for these coins are closely tied to election-related events.

“Those who tap into current narratives and popular topics are likely to do better, especially when tied to the winner of a specific contest,” the DYOR CEO added.

However, given that more than 13,000 tokens are created on Solana on average daily, Franceschini is not willing to believe that the current electoral narrative will continue to be influential.

“While we can see that the space offers significant opportunities and further developments may emerge, in my opinion the sheer volume of meme coins being created daily makes the impact of any individual coin relatively insignificant in comparison.”

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