Mocking American politics and conveying MEME culture: New crypto gameplay included by mainstream websites

Author: DeMan
2024 is an election year in the United States, and unlike previous presidential elections, this year's election is filled with intense rivalry, with both sides adopting a "it's either you or me" stance. This state of mutual hostility has intrigued not only Americans but also onlookers around the world. In the crypto asset space, known for its knack for satire, the theme of the U.S. election has cleverly merged with Meme culture.

On March 5, CoinGecko added a new section for PolitiFi tokens, a new category of Meme coins related to political figures. The following text briefly introduces this phenomenon.

The PolitiFi Tokens, a Unique Asset Class in Web3, Deeply Connected to Trump

According to website data, the total market capitalization of the PolitiFi token section is currently around $438 million, with a 24-hour trading volume of $19.81 million. In the context of the overall market, this seems negligible, but in the context of the 2024 election, it is particularly noteworthy. Although the number of assets in this section is small, similar imitation tokens are being launched almost daily in the market, so the content of this section will become richer over time.

So why has the PolitiFi token quietly become a significant asset class in the Web3 world? This can be attributed to a former U.S. president—Trump. In 2023, a Meme token named TRUMP saw its price increase by over a thousand times, leaving many users astonished. There were no scenarios, no technology, no applications; behind TRUMP was only the sentiment of the American people, full of Meme style. Following TRUMP, a series of similar slogans and names were launched, such as MAGA, TRUMP2024, and MAGA2025, among others.

Notably, as the president with the most internet celebrity aura and traffic effect in history, Trump has developed a subtle connection with crypto after leaving office, including issuing NFTs, initiating online fundraising, and a strong association with X (which has been acquired by Musk, who is known for promoting MEME coins). It can be anticipated that if Trump is elected president of the United States this year, the performance of related Meme coins will also be worth looking forward to.

In This Round of Bull Market, Meme Coins Shine Brightly, Triggering Stronger FOMO Sentiment

Since October of last year, the crypto space has begun to shake off nearly two years of sluggishness and has entered a bull market. Market data shows that the price of Bitcoin has risen from $27,000 on October 15 to over $68,000 by March 5. When priced in RMB, Bitcoin's price had already surpassed its historical high on February 29. In simple terms, the approval of Bitcoin spot ETFs, the initiation of Bitcoin's halving mode, and the nearing end of the U.S. interest rate hike cycle are the main drivers of this bull market, but during this process, Meme coins have still outperformed many mainstream assets.

Market data shows that Bonk, the top Meme asset on the Solana chain, has risen from around $0.0000001900 in October of last year to approximately $0.0000473253 recently, achieving an increase of nearly 250 times in six months, showcasing an astonishing wealth effect. In recent days, DOGE and SHIB, which gained a thousand-fold increase in the last bull market and are now among mainstream assets, have also achieved growth exceeding the industry average. Market data indicates that DOGE has increased by over 2.2 times in two weeks, while SHIB's increase has even surpassed 4 times in the same period. Low cost and high returns, every round of bull market can trigger the public's FOMO sentiment, and this round is no exception.

Therefore, it is not difficult to understand why the leading market data website CoinGecko has chosen to display PolitiFi as a separate section: Meme coins have evolved from the early animal concepts to the hottest political arena today. More attentive users may also notice that Memes are now even deeply integrated with the AI + DePIN concept, with assets like AINN, which tout "distributed AI applications + MEME community governance," becoming a spectacle. Although the future market is hard to predict, some project developers have already opened up this new narrative.

This Market Trend Breaks Conventional Narratives, Looking Forward to More Joy from PolitiFi

"This year's market is strange; it came much earlier than in previous years." This may resonate with many who missed out. Yes, compared to previous bull market initiation cycles, this round of significant price increases is indeed puzzling. The only traceable factor is that after the approval of Bitcoin spot ETFs, a massive influx of traditional funds has caused the market to remain in a frenzy. Leading research institution Pantera Capital even stated in a report that the biggest black swan of this round is the absence of a black swan.

In this situation, we do not intend to predict the market, but the new narratives arising from the bull market are worth our attention, and PolitiFi is a prime example. As the ultimate battle of the U.S. election approaches and the enthusiasm of American users for crypto continues to grow, we look forward to election-related Meme coins bringing more surprises and joy in the future.