Donkeys, Elephants, Memes: When the US Election Meets Web3
In fewer than 5 months, the US presidential election will be settled, but the two-party competition surrounding the campaign has already spread to the Web3 domain since 2023. Unlike traditional political donations, this time the spotlight is on memes. From the donkey and elephant symbols representing the two parties to personalized memes of Biden and Trump, these memes might even bypass SEC regulations, in terms of paving the way for Web3’s mass adoption.
This is the best of times, as memes are surprisingly championing the cause of democratic culture.
Political Memes on the Rise
Unlike Biden, whose image has recently developed into meme ideas, Trump has been an ever-green meme subject since his 2016 campaign. As early as 2015, Pepe the Frog started to become deeply associated with Trump, marking the beginning of political mobilization through memes.
On October 13, 2015, Trump tweeted “You can’t Stump the Trump,” cementing his connection with memes.
During Trump’s four years in office, the development of memes reached a peak, with many politically themed memes hitting ATH. The 2020 US election saw an explosion of Trump and Biden meme stickers.
As we enter the 2024 election cycle, the battle over memes has intensified, epitomized by the “Tremp” and “Boden” memes, both launched on Solana. Each has surpassed a market value of $10 million, becoming a barometer for this election.
On May 16, 2024, Trump’s concept coin TRUMP continued to surge, peaking above $10, with a 24-hour increase of 29.7%. The total market value of the meme sector also surpassed $57 billion.
Moreover, all memes related to the US election performed remarkably well in the market. According to CoinW data, the Trump-themed MAGA coin skyrocketed nearly 800% in a short period, reflecting high market attention and investment enthusiasm for political satire content.
“Tremp” emerged in 2023, keeping pace with Trump’s bid for election, while MAGA exploded after American singer Taylor Swift criticized Trump. MAGA also gained momentum, donating over 400 ETH to organizations on the right wing to boost its influence.
After extending an olive branch through memes, Trump has emerged as a more active supporter of cryptocurrency. He has not only accepted donations via the Bitcoin Lightning Network but also invited NFT holders to a dinner on May 13th. Trump has even promised to pardon “Silk Road” founder Ross Ulbricht and WikiLeaks founder Julian Assange if re-elected.
This promise has sparked widespread attention and discussion. Meanwhile, the Boden token has also been surging, reaching an all-time high of $0.3916 on March 27, 2024. The token’s value increased by 300% within a week and by 900% within two weeks. On April 4, 2024, BODEN soared over 70% due to political trends, with its market cap hitting a record $324 million.
Aside from tokens, Trump had launched a series of Mugshot NFTs in 2022, featuring his personal image, totaling 45,000 units at $99 each. On May 8, 2024, after a court appearance, Trump had dinner with a group of holders possessing 45 or more of these NFTs.
To date, Trump has issued three sets of NFTs, covering various aspects of his persona. As his trial continue, the value of his Trump Digital Trading Cards has more than doubled.
Memes Create PolitiFi
It’s evident that over 40% of U.S. voters now hold crypto, with a higher proportion among younger voters. Memes represent the tangible expression of subcultures, serving as a rallying cry for the crypto generation against uneven distribution, hangovers from the COVID-19 pandemic, dissatisfaction with the Russia-Ukraine war, and self-indulgence in a stagnant society.
Memes also serve as a crossover between NFTs and FTs. Whether it’s meme-based NFT issuances or the derived tokens, these elements represent user’s direct engagement. A prime example is Solana. No one expected the Saga Phone would boost Bonk, or that its founder would promote Silly Dragon, or tokens and NFTs would eventually embody the festive spirit carried by memes.
As enthusiasm for the U.S. election peaks, Trump’s personal holdings have approached $2 million, primarily from his NFT sales. Despite claiming in 2019 and 2021 that he did not hold any cryptocurrencies, the TRUMP token allocated to Trump is valued at $7 million. It is unclear whether Trump has acknowledged this allocation.
While Trump eventually made peace with reality, Biden has shown a friendlier stance. Despite the Democrats and Biden having a negative attitude towards Bitcoin and Ethereum ETFs, the Trump and Biden camps have staked out positions in different crypto communities. Using memes for political propaganda and competition, meme culture has expanded from traditional social media platforms to the Web3 world.
On March 5, CoinGecko added the PolitiFi token section and since then, the impact of politics on crypto culture could hardly be neglected. It’s crazy to think that just 4 years ago in 2020, the only crypto-financial tool available was FTX’s binary options for predicting the presidential outcome.
The new PolitiFi section, a quantifiable version of political entertainment, includes old school representatives like PEOPLE, and the new icons like MAGA Hat, embodying the American constitutional spirit. Together, they have created a market value of $2 billion and liquidity of $1 billion.
The 2024 US election is truly a battle of divisions, marked by intense political polarization. According to Gallup polls, Biden’s approval rate has fallen below 40%, lower than Trump’s lowest during his tenure. The outcome of this election remains uncertain.
Memes have become more than just a communication medium; they are an integral part of the 2024 election political movement. Each meme coin and NFT is a political movement in itself, forming communities through shared jokes, culture, or sociopolitical sentiments. This allows people to participate in a form of digital expression that transcends traditional financial mechanisms. This phenomenon was widely demonstrated in events like the Gamestop surge, and now it has begun to dominate the on-chain political agenda.
Conclusion
Memes are not just a form of entertainment, they have become tools for political protest and expression. Especially among the younger generation, memes are used to voice support or opposition to specific political issues. This form is both light-hearted and emotionally charged. The ensuing wealth effects also offer a glimmer of hope to a generation under significant social pressure.
