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US Election Meme Coins Drop as Presidential Debates Approach: Is Now the Time to Buy?
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US presidential election-themed meme coins have fallen sharply with the recent crypto market downturn. Joe Biden-related BODEN is down 24% in the last 24 hours, while Trump-related MAGA and TREMP have seen drops of up to 43% and 36%, respectively. Experts shared that this could be a good entry point to speculate, but advise caution when betting on meme coins.
As reported from Crypto Briefing, “Trump coins” took a particular hit with the news that the presidential candidate could be behind the DJT token released by the X profile of the Pirate Wires newsletter. It turned out that both Mike Solana, founder of Pirate Wires, and the newsletter’s X profiles were compromised.
As “election coins” are currently seen as a hot narrative in crypto, and taking into consideration the US presidential debates taking place on June 27, investors are wondering whether the current dip is a good entry point to speculate with these meme coins.
Ben Kurland, CEO of DYOR, believes that the recent pullbacks indeed present an interesting opportunity for speculative investors, especially when considering their relationship to political events and Trump’s statements.
“If we look at MAGA, for example: the coin rose 78% following Trump’s pro-crypto comments in early May. Now, the same factors can also contribute to sharp declines, such as the significant declines that followed Trump’s legal troubles. Much will depend on the next 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 further. “However, if the court exercises leniency, which is likely based on the unprecedented nature of these charges, this event could trigger a significant price increase.”
Darren Franceschini, co-founder of Fideum, warns investors to remain vigilant and cautious when considering investing in meme coins, regardless of their political affiliation.
“It’s really important to recognize that the world of memes is often dominated by large investors, or ‘whales’, who can manipulate these assets to their benefit, often at the expense of smaller investors,” he explained.
Keeping steam for H2?
Kurland believes election currencies will likely remain strong in the second half of the year, especially as the US presidential election approaches. Notably, meme coins linked to political figures and events have historically seen increased volume and price increases during election periods, and scripts for these coins are closely tied to election-related events.
“Those that capitalize on current narratives and popular topics will likely perform best, 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 a daily average, Franceschini is not interested in believing that the current election narrative will remain influential.
“While we can see that the space offers significant opportunities and that more developments may emerge, the sheer volume of meme coins created daily makes the impact of any individual coin relatively insignificant in comparison, in my opinion.”
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