Politically themed memecoins surge in price after decision The US Supreme Court has ruled that Donald Trump cannot be prosecuted for his official actions as president.
While the decision from the ultra-conservative court scuppered prosecutors’ plans to prosecute the former president for his role in the 2021 Capitol attack, holders of the political memecoin had reason to celebrate.
Political memecoins highlight the growing role of cryptocurrencies in this election cycle and vice versa, so industry insiders are betting that the outcome of the November vote will send Bitcoin to new heights.
The industry has poured millions of dollars into influential politicians in Washington, and potential presidential candidates from both parties have taken a pro-crypto stance. The U.S. Congress recently voted to pass sweeping pro-crypto policies.
At the same time, betting sites like Polymarket have become the ideal place to gauge the “hotness” of the entire electorate.
The memecoins any has increased?
Memecoin is now being seen as a barometer of political candidates’ performance.
Following the US Supreme Court ruling, some of these tokens have skyrocketed.
Jeo Boden – a play on President Biden’s name – has surged 29% in the past 24 hours.
Similarly, Trumpie and Doland Tremp increased by 9% and 10% respectively.
Jill Boden – a misspelling of the US First Lady’s name – is a prime example, surging 103% in the past 24 hours.
Jill Boden 4-hour price chart | Source: Tradingview
However, not all politically themed memecoins have performed so positively.
For example, FreeTrump is down 20% year-over-year while PepeTrump, Hunter Boden — a reference to Biden’s son — and MAGA Hat are down 19%, 18%, and 14%, respectively.
DJT – the controversial memecoin touted by former pharmaceutical executive Martin Shkreli and claimed to have been created with Trump’s son Barron – fell 2.84%.
Is Memecoin important?
Prank coins are a growing business.
They have generated nearly $4 billion in trading in the past 24 hours alone and account for a total market cap of around $51 billion.
Ryan McMillin, chief investment officer at crypto fund Merkle Tree Capital, recently expected the memecoin trend to push the SOL token on Solana – the blockchain on which many memecoins are traded – to a record $400 in the coming months.
You can see the memecoin price here.
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