Trump Attacked, Biden Drops Out: Political Turmoil Sends Meme Coin Market into Frenzy
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Trump Attacked, Biden Drops Out: Political Turmoil Sends Meme Coin Market into Frenzy
US election drama unfolds again—how Trump's shooting and Biden's withdrawal shook the crypto market, sending meme coins into turbulence.
Navigating Web3 tides with focused insightsText: dt
Editor: Lisa
This week's cryptocurrency market has seen a major rebound. The general consensus attributes this primarily to shifts in the U.S. election landscape. Following the incident where former President Donald Trump, the Republican presidential candidate, was targeted in a shooting during his campaign, many now believe that the Republican Party—and Trump’s return to the presidency—has become more likely. Trump has actively courted crypto voters throughout his campaign and repeatedly expressed support for cryptocurrencies, which has significantly boosted market confidence. Additionally, yesterday incumbent Democratic candidate and current U.S. President Joe Biden announced his withdrawal from the race, endorsing Vice President Kamala Harris as his successor. This last-minute leadership change has cast uncertainty over the Democratic campaign.
Of course, with such globally significant news unfolding, meme coin enthusiasts in the crypto space couldn’t possibly miss out. From the shooting incident last week to Biden’s withdrawal announcement yesterday, these events have directly influenced the price movements of numerous meme coins. Today, Dr. DODO will walk you through some of the current politically themed meme coins making waves!
Overview of Political Meme Coins
Below, I’ve listed seven politically themed meme coins with relatively large market caps and strong community consensus, along with $DJT—the stock of Trump Media & Technology Group, led by former U.S. President Donald Trump, listed on the Nasdaq—as a benchmark to compare against the market valuations of political meme coins in the crypto space.
Trump-Themed Meme Coins
The largest and earliest of these tokens is $TRUMP, launched on August 11, 2023, on the Ethereum blockchain. The token was created the same day a judge issued a protective order against Trump in his ongoing legal case. The launch quickly gained support from GCR, one of the most influential traders in the crypto space. Currently, the largest individual holder of $TRUMP on Etherscan is labeled "GCR."
Another notable mention is $DJT, which recently stirred massive market attention amid claims it was officially backed by Trump’s team. Market cap-wise, $DJT ranks second. It is reportedly linked to Trump’s youngest son, Barron Trump, and features a substantial liquidity pool worth $78.97M on-chain, attracting significant interest from whale investors. However, the token’s price sharply declined after GCR publicly challenged its legitimacy and prominent watchdog KOL Zach presented chat logs revealing that $DJT was actually created by the controversial figure Martin Shkreli. Despite lacking official endorsement or an active community, the large liquidity pool has helped maintain $DJT’s price at a relatively stable level.
Ranked third in market cap, $MAGA is currently the most widely listed political meme coin across exchanges. It is available on several tier-2 platforms including MEXC, Gate.io, HTX (Huobi), and BingX. In my view, $MAGA has attracted the most participation from Chinese-speaking investors. The team behind the token appears to be well-versed in the Chinese crypto ecosystem—within just ten days of launch, its market cap surged past $300M, though it has since pulled back significantly. In the recent rally following the shooting incident, $MAGA underperformed compared to other political memes.
Coming in fourth is $tremp, the most community-backed meme coin on Solana. Both $tremp and $boden derive their names from phonetic wordplay on the candidates’ names, featuring stick-figure cartoon avatars to avoid copyright issues. They are also listed on reputable exchanges like Kraken. However, $tremp has shown weak price performance since the emergence of $DJT, and due to poor liquidity, many SOL whales have preferred allocating funds to $DJT instead.
Finally, $Fight, currently ranked fifth and the youngest among them, emerged right after last week’s shooting incident. Inspired by the iconic moment when Trump, bloodied but defiant, raised his fist and shouted “Fight!” as he left the stage, the token surged past $80M within three days of launch. It is now undergoing a downward correction.
Source: AP photo / Evan Vucci
Other Political Meme Coins
Beyond Trump, there are also meme coins tied to his predecessor and political rival, Joe Biden. Among them, $Boden on the Solana chain has gained the most traction, listed on Backpack and Kraken. During Biden’s early campaign phase, $Boden briefly surpassed a $400M market cap. However, following Biden’s withdrawal announcement yesterday, the token has plummeted, now valued at less than $7M. In my opinion, with Biden stepping aside, $Boden’s ability to capture attention and speculative interest has effectively vanished.
Meanwhile, $KAMA, the meme coin associated with Kamala Harris—who is now the leading Democratic presidential contender—has largely replaced $Boden in relevance. After news broke last week of President Biden contracting COVID-19 and increasing speculation around Harris becoming the nominee, $KAMA surged nearly tenfold within a week. It remains near its elevated price levels as of now.
Author’s Perspective
In my view, political-themed meme coins are among the more challenging varieties to trade. They are heavily influenced by unpredictable external factors—news developments, token distribution dynamics, and community fundamentals. News sentiment, in particular, is highly volatile and difficult to anticipate. Rather than positioning these as long-term, contrarian investments, I believe they’re better suited for short-term, event-driven momentum trades. Another inherent disadvantage of political meme coins is their difficulty in getting listed on major exchanges. Top-tier platforms typically avoid such tokens due to compliance concerns and reputational risks, resulting in persistent liquidity challenges. For example, $TRUMP, the largest political meme coin with a $330M market cap, has a liquidity pool of less than $10M. Small pools lead to high volatility and make these tokens easier targets for manipulation by large holders. Retail investors should exercise extra caution when participating in this space.
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Dr.DODO
