- The US presidential election is heating up – and crypto is becoming a key topic for swing voters.
- In particular, Trump has been keen to endorse the asset class, while for now Joe Biden has remained mostly silent on the matter.
- Memecoins have always been an important part of crypto culture, but may become even more popular as the election draws nearer.
- Two coins mocking each candidate, called Jeo Boden and Doland Tremp, have pushed Solana’s daily transaction activity above Ethereum’s yet again.
The crypto industry has picked up some pretty interesting allies since spot Bitcoin ETFs were approved earlier this year. But none have been more surprising than the backflip made by presidential candidate Donald Trump, who has suddenly become pro-crypto.
Just a few years ago, Trump publicly blasted the asset class on his now second-favourite social media platform, Twitter (X).
As we know when it comes to politicians, opinions can change like the wind and that’s been the case for Trump’s most recent electoral campaign. The candidate has made crypto a key topic of the upcoming US election, and has gone on record to say “If you’re in favour of crypto you’d better vote for Trump.”
And the biggest winner of this change of heart might be memecoins.
Related: Standard Chartered Says Donald Trump Presidential Win Could Boost Bitcoin
Jeo Boden and Doland Tremp Drive Another “Flippening”
Solana just outpaced Ethereum for daily transaction activity. This has happened a few times before – but it’s always a significant occurrence as the networks jostle for the DeFi throne.
This time, Solana’s spike in volume comes directly from two election-based memecoins – Jeo Boden and Doland Tremp.
As you’d expect, the memecoins don’t really do a whole lot. In fact, the description tag for Jeo Boden is as insincere as you can get:
Jeo Boden is da hartfelt leeder of Amuriku. His mishun is to bild bak betta, to unify da divided, n to counter da wild claims of Doland Tremp.
Jeo BodenBut the coins do have some unintentional utility – further cementing Solana’s position as the home for memecoins and crypto culture. And Ryan McMillin, Chief Investment officer at Merkle Tree Capital believes that the existence of these two tokens is more significant than appears at face value.
Memecoins will run deep into the bull market…while memes might be a laugh and short-term speculative tool, they’re paving the way for other more sustainable use cases, such as tokenisation of real-world assets.
Ryan McMillin, chief investment officer at Merkle Tree CapitalHe predicts that Solana could be pushed all the way to US$400m (AU$605m) on the back of memecoin frenzy and election hype.
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