Trump Shooting Inspires Meme Rally, Did Any Survive?

Always willing to make light of any serious situation, the crypto community wasted no time trading memes while U.S. Presidential candidate Donald Trump was escorted off stage. While Trump was able to brush off the blow, the same can’t be said for all PolitiFi meme coins.

How did the market react to Trump's eventful rally?

$TREMP Spikes 76% But Can’t Find Support

The unofficial token of Solana’s Trump advocates, $TREMP, thrived on the possibility of martyrdom.

Upon the Presidential hopeful’s failed assassination attempt, $TREMP surged from $0.39 to as high as $0.69, completing a 76% move within the hourly candle, based on Step Finance data.

However, while Trump himself was able to get back to his feet and reassure his supporters, $TREMP holders were not so lucky. 

Almost immediately following the breakout, $TREMP was overwhelmed by sell pressure. Almost fully retracing the move, $TREMP has drifted back to trade at a humble 14% premium to the pre-shooting price on diminishing volume. $TREMP is currently exchanging hands at $0.45.

The event inspired a wrath of brief pump-and-dump meme coin launches, with many early buyers netting enormous returns and popular performers. 

One of the most notable launches $EAR, playfully dubbed ‘The Ear Stays On’, generated over $100M in trading volume. Initially launched on pump.fun, $EAR skyrocketed to an all-time high market capitalization of 32M, completing an over 600x move in approximately 8 hours, based on DexScreener data.

Unsurprisingly, $EAR has struggled to find meaningful support since its dramatic ascent. The token has since drawn down by over 80% to stabilize at a market cap of approximately $3.8M.

$BODEN Down But Not Out

While $TREMP surged off the back of the event, $BODEN faltered. Directly following the attempt on Donald Trump, $BODEN dropped by as much as 29%, forming a local bottom at $0.028, according to Step Finance data.

Fortunately for the $BODEN faithful, the political meme coin appears to have pulled itself together in time for Biden’s next public appearance. Bouncing off the lows, $BODEN trades at $0.034 at press time. 

The Future of PolitiFi

Meme coins are a fascinating asset class born to make a mockery of serious events. When Billy Markus and Jackson Palmer created Dogecoin, the crypto space’s original meme coin, there was no financial incentive, only a desire to make fun of an industry that was ‘taking itself too seriously’.

It’s important to remember this moving forward, especially as the U.S. elections draw closer. While many Solana ecosystem participants find it fun to speculate on PolitiFi, traders should bear in mind that these coins have no utility or tangible value. 

Regardless of which candidate is elected, these coins will likely be completely useless after polling booths close and will have no upcoming catalysts to drive further speculation.

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