One of the latest hot topics in crypto has been the recent rise in meme coin support. Meme coins come in all sorts: ones that predict Taylor Swift’s pregnancy and dog-themed meme coins. While many of these have started out as just memes without monetary value, the dog-themed meme coins Shiba Inu and Dogecoin, for example, now have market caps well into the billions with crypto communities projecting several real-world use cases. See https://oncourtwithsteph.com/2023/12/21/dog-themed-memecoin-shiba-inu-to-unleash-a-shib-internet-domain/.

Most recently a new type of meme coin project has come to fruition in an experiment labeled “PoliFi,” which merges politics, finance, and community. Moreover, coins that are helping to run this experience are said to hold utility in a sort of value proposition. The project’s marketing director, YouTube talk show host Steven Steele, said in an interview with CoinDesk that whenever there’s been a major event involving Trump, there has been “a direct correspondence in the value of the coin,” making it a prediction market of sorts. See https://www.coindesk.com/markets/2024/03/02/trump-maga-meme-coins-are-the-first-experiment-in-polifi/. Steele continues that “[i]ts evolved to become this kind of de facto betting market on the election for many investors.”

So why choose meme coins of the PoliFi project? Why not turn to traditional prediction markets? The short answer is that prediction markets do not offer the same return potential; Steele has noted that “[W]hile it is possible to achieve 100x or 1,000x returns with meme coins like TRUMP, prediction markets are not liquid enough to generate nine-figure returns.” In addition, PoliFi coins might have life after November 5, 2024.

On-chain data has conveyed that the largest Biden meme coin has a market cap of approx. $540,000 with 1,500 holders as opposed to almost $400 million with 7,433 for TRUMP. “In the meme scene, people want a rabble-rouser, someone exciting and unpredictable, perceived as a total rebel,” Steele said. “Trump embodies all of those qualities in the eyes of many.”

As the pages turn in this election season, so will the PoliFi project’s chapters.

Works cited:

MAGA price today, TRUMP to USD live price, marketcap and chart | CoinMarketCap

BIDEN 2024 price today, BIDEN2024 to USD live price, marketcap and chart | CoinMarketCap

The Next SHIB or DOGE Are Probably TRUMP Meme Coins, Its Team Believes

Photo Creds: https://cryptorank.io/news/feed/28289-donald-trump-inspires-first-polifi-experiment-heres-the-latest-on-maga-meme-coins.htm.