Original title: “The US presidential election is coming, what are the hype targets?”
Original source: Woo
Background: The US presidential election is about to take place on November 5
With less than a week left before the US presidential election on November 5, the crypto user community has a place in this election. According to Triple A data: In 2024, the proportion of people holding cryptocurrencies in the United States will be 15.5%, representing about 51 million Americans, and this number represents more than the total population of African Americans (41.1 million), only losing to Latino Americans (about 57 million)
This is why cryptocurrency has become the focus of this US presidential election, and Trump has continued to introduce crypto-friendly policies.
Memcoins are a manifestation of the attention economy, so they have always been closely tied to hot events. The US presidential election is an excellent topic for hype. So which currencies are worth paying attention to for hype?
Let WOO X Research show you!
High market value currencies: DOGE, People
$DOGE
The reason why the first meme coin in history, DOGE, has added political color is inseparable from Musk’s support for Trump.
Musk tweeted on August 20 that he wanted to create a “Department of Government Efficiency”, abbreviated as D.O.G.E., and the naming concept was suggested to Musk by the DOGE community. Trump also responded that if elected, he would establish the department, conduct a comprehensive financial audit of the government, and propose to reduce waste. Therefore, the price performance of DOGE has also begun to be linked to the presidential election.
https://x.com/elonmusk/status/1825723913051000851
· Current market value: 25.5B
· Change in the past 14 days: +48%
· Rising momentum: Musk’s article and Trump’s mention during the campaign
$People
People is not centered around a presidential candidate, but a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization founded in 2021 to raise funds and bid for a rare copy of the U.S. Constitution at a Sotheby’s auction, raising 6,000 ETH, or about $40 million.
At the same time, through the blockchain platform Juicebox, PEOPLE governance tokens are issued, and investors can exchange 1 ETH for 1 million $PEOPLE. Token holders do not directly own the Constitution, but have the power of community governance. After successfully bidding for the Constitution, the DAO community will vote on how to deal with the copy.
But in the end, the bid was not successful, so ConstitutionDAO announced the end of the project. After processing the refund procedure, the community members also decided to disband the community, but some community members still chose to keep the PEOPLE tokens exchanged for Ethereum and carry out other projects in the form of DAO, which also made $People a meme coin.
Memes, full circulation, low market value and the natural political attributes of the constitution have become the driving force behind the rise of People.
· Current market value: 386M
· Change in the past 14 days: -7.6%
· Rising momentum: highly correlated with the time node of the presidential election
Small market value currencies: MAGA, KAMA
$MAGA
The concept is the abbreviation of Trump’s slogan Make America Great Again, and the price trend of the currency is closely related to Trump’s polls. There are quite a few Trump concept currencies in the market, including Trump, Tremp, Fight, babytrump, etc. In the past two weeks, the currency with a better price trend is MAGA. As Trump’s winning rate increases, the price increase of other currencies is not as expected. If you think Trump has a high chance of being elected, MAGA is a more stable choice.
· Current market value: 101M
· Change in the past 14 days: +83%
· Rising momentum: Rising as Trump’s chances of winning the election increase.
$ LIKE
The full name of the token is Kamala Horris (change a to o), which is conceptually a spoof of the cartoon image of the Democratic candidate Kamala Harris. It is worth mentioning that among the political meme coins, there are many Trump concept coins, while there are very few Harris concept coins, which also indirectly reflects the political preferences of crypto users.
· Current market value: 7M
· Change in the past 14 days: +13%
· Rising momentum: Rising as Kamala Harris’s chances of winning the election increase.
Important events & time of political meme coin speculation
Election and voting of electors (11/5 & 12/16)
After the electors are elected by the general election on November 5, the electors of each state will gather on the “first Monday after the second Wednesday” in December (December 16 in 2024) and vote for a group of presidential and vice presidential candidates based on the results of the general election in each state. Therefore, some people say that this day is the real “US Presidential Election Day”
The results of the US presidential election are released (2025/1/6)
The joint meeting of the US Congress will officially announce the elected in early January of the following year. At that time, members of the Senate and the House of Representatives will meet together to approve and calculate the votes of the Electoral College and officially announce the elected of the new president and vice president. This process symbolizes the final confirmation of the election process and is also the last step for the new government to take office.
Presidential Swearing-in (2025/1/20)
The new president will be sworn in on January 20, 2025 and officially begin his term.
Conclusion: The end of the election is the beginning of a new round in the crypto market?
It is foreseeable that with the end of the presidential election, the above-mentioned meme coins will not have much hype momentum, and the market sentiment will return to the attitude of the new president towards cryptocurrencies. Trump is obviously more pleasing to crypto voters than Kamala Harris, and recently announced that he will issue his own stablecoin. This is also one of the reasons why the two sides are close in traditional polls, and Trump’s winning rate is one-sided in Polymarket.
Currently, Bitcoin is strong. If Trump is finally elected, it can be regarded as a positive landing. In the short term, it may face pressure for the currency price to fall back, but if crypto-friendly policies are implemented over time, it will bring a more stable investment environment and long-term benefits to the overall market.
This article comes from a contribution and does not represent the views of BlockBeats.