US presidential debate turns political meme tokens into a crypto rollercoaster, while the broader meme coin market shows signs of life.
TL;DR
- Presidential debate lights a fire under political meme tokens
- Meme coin market cap climbs to $39B, forgetting it was supposed to be in a bear market
- Neiro Ethereum (NEIRO) pulls in 382% weekly gain
- Sun Pump memes like SUNDOG continue to shine (no, it's not actually a star)
It’s been a hell of a week for all of crypto, with the Trump-Harris debate serving as a crucial battleground for the future of cryptocurrencies in the US. It also allows us to buy silly meme coins which usually immediately start going down in value.
Yesterday, Solana recorded the highest active address count in blockchain history with over 5 million daily network users, as Token2049 and Solana Breakpoint happen next week in Singapore.
Meanwhile, Tron’s Sun Pump is back at creating a few winners (and plenty of losers) after a rough week or 2, also maybe due to the Singapore effect, where Justin Sun will be speaking.
The Big Story: Trump-Harris Debate Fuels PolitiFi Boom
Looks like the second US presidential debate of the 2024 cycle has managed to do what months of market analysis couldn't - make meme coins great again, or at least temporarily. As candidates traded verbal jabs on stage, traders were busy throwing money once again at anything with "MAGA" or "Trump" in its name.
The "Trump Harris Debate" (THD) token emerged as the debate champion, surging 911.60% in 24 hours. It's like someone accidentally added an extra zero to their buy order, and everyone else decided to join the party. But as it always has, the party’s over.
Other debate-related tokens like "TRUMP AI" and "MAGA PEOPLE" also saw gains that would make even the most optimistic stock trader blush, up 9547.39% and 222.39% respectively over the week.
While this PolitiFi boom is certainly exciting, it's worth remembering that what goes up faster than Elon Musk's rocket ships tends to come down just as quickly. Trade carefully, or you might find your portfolio looking like it just lost a debate with gravity.
- Trump-related tokens:
- "TRUMP AI" (TRUMP): +9547.39% (7d), $128M market cap
- "MAGA" (TRUMP): -5.40% (7d), $126M market cap
- Multiple other MAGA-themed tokens showing high volatility
- Harris-related tokens:
- "Trump Harris Debate" (THD): +911.60% (24h), $21.7M market cap
Meme Coin Market
Source: Top Meme Tokens by Market Cap
7-Day Market Snapshot
The total meme coin market cap has bounced back to $39 billion, apparently deciding that bear markets are so last season with Fed rate hikes and Q4 coming.
The 30-day chart looks like a heart rate monitor during a horror movie marathon, fluctuating between $33 billion and $45 billion.
Meme Coins vs Other Crypto Sectors
According to DeFiLlama's Narrative tracker, meme coins are the cool kids at the crypto party again. They're sitting pretty at 6th place out of 22 tracked narratives, with a 1.75% growth over 7 days.
Meme Coins vs Other Crypto Sectors
According to DeFiLlama's Narrative tracker, the meme coin sector is outperforming many other crypto categories. It ranks 6th out of 22 tracked narratives in the 7-day performance, with a positive 1.75% growth.
Top 20 Meme Coins
Let's see who's hot and who's not in meme coin land:
Biggest gainers (7d):
- Neiro Ethereum (NEIRO): +382.57% (Did someone feed this token after midnight?)
- SUNDOG (SUNDOG): +33.53% (Still not an actual celestial body)
- Brett (Based) (BRETT): +11.33% (Apparently, being based is still cool)
- Mog Coin (MOG): +12.44% (Not to be confused with the furniture store)
- BOOK OF MEME (BOME): +8.13% (Chapter 1: How to confuse traditional investors)
Biggest losers (7d):
- Popcat (POPCAT): -4.04% (The bubble may have popped for this cat)
- PepeCoin (PEPECOIN): -3.32% (Even rare Pepes have bad weeks)
- Dogecoin (DOGE): +4.24% (When a 4% gain puts you in the "loser" category, you know it's been a wild week)
Tron’s Sun Pump Keeps Pumping
Whether you’re a lover or a hater, Sun Pump’s meme tokens have kept pumping this week.
See for yourself at our CoinMarketCap SunPump ecosystem tracker:
Most of these Tron meme coins has had a roaring week, with Sundog leading the pack by a massive 10x market cap difference. The cats are incoming though, with Muncat and Suncat jumping like a cat on a hot Tron roof.
Sun Wukong, which the writer foolishly tried to leverage trade this week, is up nearly 300%. If we zoom out at to 90 days, we can see the binary nature of meme coin trading: it’s either up big or down to scraps. This is the meme coin way sadly.
Solana Meme Coins
Top 10 Meme Coins’ 7-day performance
Source: Forbes
Most top 10 Solana meme tokens are in the green, with standout performers like Popcat, BOOK OF MEME, and cat in a dogs world all posting 10%+ gains. Only MUMU THE BULL is down, shedding 2.87% over the past week.
Despite jumping 27%, last week’s MonkeyPox this week drops to number 14 in the sea of green as rumors about a rug predictably start to surface.
Quick Takes
- Dogecoin and Shiba Inu are still top dogs, with market caps of $14.65B and $7.80B respectively. No surprises there - these OGs aren't rolling over for anyone.
- Neiro Ethereum came out of nowhere faster than a politician's campaign promises, rocketing into the top 20.
- SUNDOG continues its impressive run. At this rate, it might actually turn into a star.
- Most top meme coins are seeing green, suggesting the market might be recovering. Or maybe everyone's screens are just malfunctioning simultaneously.
- Memecoin's fully diluted market cap is doing its best "expectation vs reality" meme impression compared to its current market cap.
If you’re in Singapore next week, check out MemeCon’s first Asian edition during Solana Breakpoint.
Biggest Meme Coin Stories This Week
- Presidential debate turns PolitiFi helps Trump and Harris tokens surge
- SunPump meme coins keep performing
- Ansem, Iggy and other meme coin influencers to talk at Token2049 next week
- Neiro Ethereum (NEIRO) comes out of left field with a 382% weekly gain
What You Can Do Now
The meme coin market, especially PolitiFi, is wilder than a rodeo bull on espresso. If you're thinking of joining the fun:
- Remember that PolitiFi tokens can be as unpredictable as a politician's promises
- Don't put all your eggs in one meme basket. Diversify and invest in communities
- SunPump memes could be worth a punt, but expect to lose money if you’re careless
- Solana meme coins will be getting a lot of attention next week in Singapore. DYOR
- Do your homework. And no, watching political TikToks doesn't count as research.
Remember, in the world of meme coins, and especially in PolitiFi, fortunes can change as quickly as political winds. Stay sharp, stay informed, and remember - in crypto, as in politics, the only constant is change. Now, go forth and trade responsibly... or at least try to look like you are.
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