A widely followed crypto trader says that the build-up to the US presidential election in November could send two memecoins soaring.
Pseudonymous crypto analyst Altcoin Sherpa tells his 216,000 followers on the social media platform X that meme tokens MAGA (TRUMP) and Jeo Boden (BODEN) could outperform due to election year excitement.
TRUMP is inspired by former president Donald Trump, who is running for president again. BODEN is inspired by US President Joe Biden, who is running for re-election against Trump and refers to a misspelling of his name.
“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. Trump is going to constantly be in the news and doing his normal antics.”
Meanwhile, blockchain analytics platform Santiment is noticing an apparent correlation between the two memecoins’ price action and the behavior of the two candidates.
“Much of the attribution to these latest memecoin rises are going to Donald Trump and his pro-crypto endorsements. As shown, mentions of Trump soared near the cryptocurrency local bottom, along with Biden, who traders fear anti-crypto policies.”
TRUMP is trading for $5.40 at time of writing, down more than 7% in the last 24 hours. BODEN is trading for $0.303 at time of writing, a fractional decrease on the day.
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