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By Austin DeNoce, Benzinga
As the 2024 U.S. presidential election draws near, an unprecedented level of dissatisfaction seems evident among voters regarding the two leading candidates. Current polling data from 538 reveals that both former President Donald Trump and current President Joe Biden are struggling with unfavorable ratings 53% for Trump and 55% for Biden. This general discontent reflects a unique scenario in American politics where both major-party candidates are simultaneously unpopular which is a rare occurrence historically. The dynamics of this election thus seem to be less about choosing the more popular candidate and more about dealing with the deep-seated disapproval each candidate garners. But voters who are also crypto enthusiasts can now find solace in a new guilty pleasure: political meme coins.
The Rise Of Political Meme Coins
In this atmosphere of widespread voter dissatisfaction, political meme coins have emerged as a novel form of relief, adding a touch of humor and levity to the electoral process. There are already meme coins about Tucker Carlson ($TOOKER) and Alex Jones ($JOWNES), among others. Noteworthy among these is the $TREMP coin inspired by former President Donald Trump. These digital tokens, while initially created for amusement, have started to carve out a niche within the crypto community. The introduction of meme coins like $TREMP into the political discourse is providing a light-hearted alternative to the typically grave discussions surrounding presidential campaigns and giving voters a unique opportunity to speculate on politics or, at the very least, have a laugh at their growing popularity and humorous commentary on current events. A lot of these coins, like $TREMP, emulate real-world events and engage other politically inspired meme coins in the community. However, unlike real-world election conversation, the back and forth between crypto-candidates and Polifi tokens is light-hearted and also meant to entertain.
Spotlight On $TREMP Coin
The $TREMP coin was launched on February 28 and saw a rapid rise in interest and market cap, reaching $100 million within its first month. To put that in perspective, CoinGecko data puts the total market cap for PolitiFi coins as these new coins are called at about $690 million as of May 13 and growing, up over 20% in the prior 24 hours.
After the original creator of the $TREMP coin stepped back, the community took over, propelling $TREMP into a prominent position among political meme coins. The involvement of figures such as Anatoly Yakovenko from Solana Labs has further legitimized its presence in the crypto world. Recently, the $TREMP team announced the recruitment of Dustin Stockton, a known conservative strategist who previously worked for the Newt Gingrich Presidential campaign in 2012 and under Steve Bannon at Breitbart in the lead-up to 2016, emphasizing their commitment to mimic real-world political campaigns in a satirical yet engaging manner. This has not only increased its visibility but also highlighted the potential of meme coins to influence political narratives in real time. It may also be a catalyst for broader political and regulatory discussions about the crypto industry and its future role in finance.
Trumps Crypto Endorsements And $TREMP
Donald Trumps recent pro-crypto comments at a gathering in Mar-a-Lago mark a significant pivot in his stance toward the cryptocurrency industry, which is in contrast to the Biden administration's more stringent regulatory approach. Trumps endorsement has also stirred considerable interest in political meme coins, particularly $TREMP, reflecting the irony of how these joke tokens are increasingly becoming a topic of legitimate discussion in political campaigning.
As these tokens gain traction, they offer a unique and humorous lens through which the public can engage with the often polarizing figures of real-world politics. This is the first election where such a thing is possible, blurring the lines between satire and serious political commentary. Political meme coins like $TREMP demonstrate the changing landscape of voter engagement and discourse, providing a unique, albeit unconventional, way to engage in and speculate on the electoral process.
Featured photo by Element5 Digital on Unsplash.
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