The Election and Meme Tokens

As the 2024 U.S. presidential election draws near, cryptocurrency topics have become central to election discussions for the first time, with unprecedented attention and potential impact. Both major candidates, Trump and Biden, cannot ignore this rapidly growing new economic sector. They must integrate their positions and future policy plans on cryptocurrencies into their campaign platforms.

As a result, U.S. election-related tokens, such as $TREMP named after political figures, MAGA named after political slogans, and PEOPLE tokens related to political platforms, have attracted attention. CoinGecko has also added a PolitiFi token section—a category of meme coins based on political figures, currently valued at $1.1 billion.

In the following, we will introduce popular election-related tokens.

Source: Coingecko

ConstitutionDAO（$PEOPLE）

Overview

The $PEOPLE token symbolizes the idea of a Decentralized Autonomous Organization (DAO). It serves as a donation receipt for contributors to ConstitutionDAO.

Founded on November 11, 2021, ConstitutionDAO is a community group formed by passionate cryptocurrency supporters. Using the DAO model, this organization aimed to pool public funds to bid on the only privately held copy of the original U.S. Constitution at a Sotheby’s auction—one of just 13 surviving official prints. This effort ensured this national historical treasure did not fall into private hands. By the auction date, November 19th, ConstitutionDAO had raised nearly 11,000 ETH through the JuiceBox platform, amounting to approximately $45 million, more than double the estimated auction price of $20 million, demonstrating exceptional public enthusiasm and support.

However, ConstitutionDAO lost the auction. The Constitution copy was successfully purchased by an institution called Citadel!

Despite this, ConstitutionDAO remarkably harnessed the power of ordinary individuals, reshaping our understanding of traditional organizational structures. Members collaborated quickly and efficiently without physical meetings using online platforms like Discord and Twitter, achieving this seemingly impossible collective action.

Driven by the belief that “the Constitution belongs to the people,” this innovative group of cryptocurrency enthusiasts used the DAO model to realize their vision. They believe that everyone should appreciate and protect the first constitutional document in American history. Through this method, they showed respect for historical artifacts and practiced modern concepts of democratic participation and cultural sharing.

Therefore, the $PEOPLE token and ConstitutionDAO reflect a clear left-wing ideology, emphasizing democratic participation, public ownership, and opposition to capital monopoly. This decentralized collective action model has sparked public political engagement, raised political awareness, and challenged traditional political and economic structures, potentially influencing future U.S. elections and policy discussions.

Source：X

Token Economics

$PEOPLE is a typical Treasury-Backed Token (TBT), supported by the treasury of ConstitutionDAO within the Juicebox protocol. This treasury has provided and will continue to provide foundational value support for $PEOPLE.

At the end of 2021, after ConstitutionDAO failed in its auction bid, the core team reinjected all auction funds back into the project’s treasury and opened refunds. They set the redemption ratio to 100%, allowing all token holders to redeem (burn) $PEOPLE tokens and receive ETH based on their share of the total supply. Currently, the treasury still holds 5,114.40 ETH.

The total supply of $PEOPLE is 5,114,984,505 tokens, with a redemption value of 1.0003 ETH per 1,000,000 $PEOPLE, meaning each $PEOPLE token is backed by 0.000001003 ETH. Since the redemption ratio is 100%, the ETH value corresponding to each token is consistent, regardless of the redemption sequence.

Source: Juicebox

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MAGA HAT（MAGA)

Overview

MAGA HAT refers to the iconic hat from Trump’s campaign, and MAGA stands for Trump’s famous slogan, “Make America Great Again.” It represents a political movement centered on American nationalism, which peaked during Trump’s 2016 presidential campaign. Therefore, $MAGA is a politically related meme coin.

Recently, Trump expressed strong support for the future of cryptocurrencies in a video conference, urging people to back his political agenda. This video quickly gained traction in the cryptocurrency community, igniting enthusiasm among Trump’s supporters and adding a positive outlook for the future of cryptocurrencies. Due to strong community engagement, Trump’s debates, MAGA rallies, and his controversial nature and presidential campaign, MAGA has the potential for significant media attention.

Trump’s comments not only stirred the cryptocurrency market but also significantly boosted the market value of the Trump-themed meme coin MAGA. Currently, MAGA has become one of the strongest-performing meme coins in the U.S. election, with a market value nearing $100 million. Its market performance and the community’s enthusiastic response have injected new vitality and hope into the cryptocurrency market.

Buying MAGA coins represents support and recognition of Trump’s political ideology rather than a simple financial investment. The true value of this token may lie in its ability to transcend political labels and become a cryptocurrency with real investment value. Additionally, the future value of MAGA is closely tied to the election outcome, making it the biggest uncertainty factor. The success or failure of the election will directly determine the market fate of MAGA coins. If Trump loses the election, MAGA coins may significantly drop in value.

Token Information

MAGA currently has a market cap of one billion dollars, with a total supply of 413,340,213,538 tokens. The current circulating supply is 410,290,333,126 tokens, which is 92.77% of the total supply. It offers a 0% tax rate and is entirely governed by the community.

Source: abmedia

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Doland Tremp ($TREMP)

Overview

The $TREMP token has gained popularity in the market due to its clever play on Trump’s name. The artistic design of this meme coin features exaggerated images with elongated necks and tilted heads, embodying American humor and satire. Since its launch, it has caught the attention of many investors, especially as Trump frequently mentions cryptocurrencies in his campaign, boosting the token’s recognition and interest.

The $TREMP token is designed to support Trump’s campaign and provide a unique platform for investors who want to express their political stance in the financial market. This token is a financial instrument and a medium for political expression, blending political enthusiasm with investment opportunities.

With Trump’s positive stance on cryptocurrencies in his campaign, the potential value and market influence of the $TREMP token may increase. Investors considering $TREMP should evaluate its potential economic returns as a cryptocurrency and its political significance and market sentiment behind it.

However, like all investments, investing in $TREMP carries risks. Market sentiment, political events, and the progress of Trump’s campaign can significantly impact the value of $TREMP. Therefore, investors should conduct a thorough analysis and careful consideration to ensure their investment decisions align with their risk tolerance and can adapt to the ever-changing market.

Source: Tremp

Token Information

$TREMP is deployed on the Solana blockchain and has a current market value of around 55 million dollars. According to official reports, the total supply is 99,999,138.08 $TREMP tokens.

Jeo Boden（$boden）

Overview

$boden is a meme coin inspired by Biden. The artistic design of boden shares similarities with $TREMP in both visual and conceptual aspects, and in some respects, it is even more exaggerated and bold. This creative approach has garnered significant attention and injected new energy and discussion into the cryptocurrency market. By merging the image of a political figure with cryptocurrency, $boden has reached new heights in artistry and topicality.

Since Biden is one of the major candidates in the U.S. presidential election, and $boden cleverly parodies Biden’s name, $boden has consistently been one of the most watched meme coins. Since its launch, $boden’s market value and growth have exhibited a “crazy” trend. This performance has not only captured the attention of investors but also prompted a reevaluation of the potential of meme coins in the market. As the U.S. presidential election draws near, $boden, representing one of the major candidates, is expected to attract more market attention and speculation.

Since its launch, $boden’s market value and growth have been remarkable, attracting numerous industry leaders, including the founders of zkSync, Phantom, and Messari. This has provided $boden with more resources and exposure opportunities, boosting the confidence and motivation of community members.

Additionally, boden has established a dedicated donation wallet. These funds will support the Jeo Boden treasury and community development. The donated funds will be used for various purposes, including but not limited to marketing promotion, exchange listings, and community giveaways. This model not only aids the long-term development of $boden but also offers community members opportunities to participate and contribute.

Source: X

Token Information

$boden is deployed on the Solana blockchain, with a current market value of 40 million dollars. The total circulating and total supply are 690,325,163 tokens, with no future unlock pressure.

Conclusion

As the 2024 U.S. presidential election draws closer, cryptocurrencies have emerged as a focal point in political discussions and a dynamic investment arena. Tokens like $TRUMP, $PEOPLE, and $MAGA demonstrate the intersection of politics and finance, highlighting the influence of community power and the principles of decentralization in modern society.

The emergence of these tokens shows how political enthusiasm can drive market momentum, prompting deeper consideration of cryptocurrencies’ role in the political sphere. They are more than just digital assets; they symbolize political positions, reflect community consensus, and explore future possibilities.

Regardless of the election outcome, the growth of cryptocurrencies and related tokens is an irreversible trend of our time. They will continue to play significant roles across political, economic, and social dimensions, shaping our future. Let us welcome this change with open minds and explore cryptocurrencies’ limitless possibilities.