- From dogs with hats to meme coins named after political figures, a new trend called “PoliFi” enters the crypto space.
- These meme coins come with high risks and have experienced significant corrections.
- Tokens like Floki, PEPE, and dogwifhat are also gaining traction.
With Nikki Haley dropping out of the race for the White House, there is one question on everyone’s mind. It’s not whether Haley will now endorse Donald Trump but rather what’s meme coin is better: ‘doland tremp’ (tremp) or ‘jeo boden’ (Boden).
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You are forgiven for pointing out that these names look horribly misspelt, but they are not the names of the remaining candidates for the presidency of the USA, these are meme coins. After PEPE and dogwifhat one could think the meme-craziness stops there but that couldn’t be further from the truth.
These presidential meme coins are the latest in what some call ‘PoliFi’—akin to the term DeFi (decentralised finance)—for example.
It remains to be seen if PoliFi will catch on, but the tokens have garnered some attention this week. These Solana-based tokens can be bought on DeFi platforms like Orca and Raydium for example, and have rallied by several thousand percent but have also seen as much as 67% corrections from the top as in the case with boden.
It should go without saying that these meme coins are not claiming any relation to Biden or Trump nor any functionality and anyone investing in them should not expect a financial return. Tokens newly issued on hype are high-risk assets with a history of exit scams and rug pulls.
The websites of boden and tremp are full of amateurishly drawn images and more typos than a cat has had clumsy moments on a keyboard. Nevertheless, for some, the very quirks and amateurish presentation of these meme coins are what makes them appealing, leading them to throw a few dollars at them.
Cryptos Obsession with Meme Coins
Days ago, we had reported that most of the top gaining cryptos are meme coins with six out of the top ten gainers falling into that category. Today, Floki, PEPE and dogwifhat have made their way back into the top ten, gaining 36% (Floki) and 18% each (PEPE and dogwifhat).
According to a post by the Floki Inu account on platform X, Floki has the aim to become the most well-known crypto and for that reason will be prominently displayed on Times Square in New York City for a full three months starting March 15.
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Keep an eye out for that in case you are heading to the Big Apple over the coming months.
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