A new area has been emerging in crypto, integrating with politics. Interest may increase further. The exciting aspect here is the tokens issued in the name of Trump and Biden, which have almost turned into betting buttons. As the November elections approach, these could attract significant volume.
PolitFi and the November Elections
Decentralized finance, metaverse, AI, fan tokens, and now a new area has been unlocked in crypto. This new category, similar to fan tokens, can be defined as Political Crypto or PolitFi. Tokens launched in the name of politicians have entered our lives as an answer to the question of why they shouldn’t attract as much interest as dog coins.
Tokens have been launched in the name of Biden and Trump. The crypto named MAGA for Trump and the token named BIDEN for his opponent are still trading on exchanges. Their market values are still low, and amidst various fraud and possible rug pull discussions, they are preparing for the November 2024 elections.
If PolitFi really gains interest, we could see fluctuations similar to those experienced by fan tokens during the World Cup in an environment where these have turned into betting buttons. However, be aware that there will be rapid declines as the election results become clear.
Bernstein analysts expect a major rally in crypto if Trump wins the 2024 elections. Perhaps this is why Trump’s altcoin might be more advantageous.
“The Republican side sees crypto not just as a vote bank but also as a meaningful source of funding. If the election atmosphere shifts more towards the Republican side, crypto could become the primary ‘Trump trade’.”
BIDEN and MAGA Coin
Looking at the highly risky asset MAGA (TRUMP), maintaining the $7.01 support is positive. If there is buyer support, a new attempt up to $17.5 could begin. The key point here is to regain $11 as support for the continuation of the rapid rise. Perhaps TRUMP or BIDEN, like NFTs, will issue their own tokens and send them to zero?
While MAGA has a market value of $630 million, BIDEN has a market value of $7.5 million. There are many alternatives and fraudulent tokens for both. Investors need to be cautious about these as well.
