As the presidential race heats up and cryptocurrency continues its bull run, it only makes sense to mix the two. Over the last several months, a number of crypto projects have emerged that blend meme currencies, crypto, politics, and a general feeling of quirkiness. These efforts are paving the way for a new asset class, which some refer to as "PoliFi."
While there have been some famous crypto-political initiatives in the past, such as Trump Digital Trading Cards, the most recent trend has been to develop meme coins based on presidential candidates. Two of the most recent tokens developed are doland tremp (tremp) and jeo boden (Boden). Yes, that is how the tokens are spelled.
Tokens developed on the Solana blockchain have seen massive price gains over the last week. Since its inception on February 27, the tremp token has increased by 139,200%, reaching a high of $0.1393 on March 7. Boden was introduced on March 3 and has experienced a similar price increase. It started trading at $0.00004 and hit a high of $0.076 on March 7. This means that Boden increased by more than 189,900% in just three days.
The political meme coins appear to be a means for investors to speculate on elections. According to Steven Steele, the marketing director of MAGA Coin (TRUMP), PoliFi has "evolved to become this kind of de facto election betting market for many investors." TRUMP, in example, saw its price rise when Trump fared well in primary elections.
Tremp and Boden are just two of the many meme coins that have emerged on the Solana blockchain in recent months. Bonk (BONK) and dogwifhat (WIF) are popular coins in the crypto community, attracting a lot of attention and investment.
The tokens don't even attempt to be serious. Boden and Trump's websites are filled with memes, purposefully misspelled language, and crudely drawn images of the politicians. However, this may be a more appealing feature for the tokens than you realize. While some may see the tokens as a method to bet on the outcome of the election, others see them as a fun game to invest a few extra dollars in.
A $10 investment in Boden when the project initially began would be worth $19,000 now. Not bad for those who were able to arrive early.
With so many stories coming out of crypto and politics, perhaps none are as off-center as Tremp and Boden's recent PoliFi meme coins.
