- A popular crypto trader predicts that the upcoming US presidential election could boost the value of two memecoins, MAGA (TRUMP) and Jeo Boden (BODEN).
- The trader, known as Altcoin Sherpa, believes that the election year excitement could cause these tokens to outperform.
- Blockchain analytics platform Santiment has noticed a correlation between the price action of these memecoins and the behavior of the two candidates.
As the US presidential election approaches, two memecoins inspired by the candidates could see significant growth, according to a well-known crypto trader.
Memecoins and the Presidential Election
The memecoins in question, MAGA (TRUMP) and Jeo Boden (BODEN), are inspired by former president Donald Trump and current president Joe Biden, respectively. Altcoin Sherpa, a pseudonymous crypto analyst with a large following on social media platform X, believes that the election year excitement could cause these tokens to outperform. He states on his Twitter account, “Current meme strategy for me: concentration in one sector, USA politics. I own TRUMP and I want to buy BODEN. Should be the largest narrative when the election stuff really gets going later this year.”
Correlation Between Memecoins and Candidates
Blockchain analytics platform Santiment has also noticed a correlation between the price action of these memecoins and the behavior of the two candidates. The platform notes that mentions of Trump and Biden soared near the cryptocurrency local bottom, indicating a potential link between the candidates’ actions and the value of their respective tokens.
Current Trading Values
As of the time of writing, TRUMP is trading for $5.40, down more than 7% in the last 24 hours. BODEN is trading for $0.303, a fractional decrease on the day. Despite these current decreases, the upcoming election could provide a significant boost for these tokens.
Conclusion
With the US presidential election on the horizon, the crypto market could see some interesting developments. The performance of memecoins TRUMP and BODEN could be significantly influenced by the actions of their namesakes. As always, investors are advised to conduct thorough research and exercise caution when trading in these volatile markets.
