May 3, 2024 - Economy
Charted: The election market
Add Axios as your preferred source to
see more of our stories on Google.
If you squint, memecoins are looking a little like a prediction market for the U.S. presidential race.
Why it matters: Polls can tell you one thing, but markets can tell you what the galaxy brain thinks will happen.
Zoom in: Memecoins are cryptocurrencies meant simply to capture an idea. Dogecoin, which has its own blockchain, has been the iconic memecoin.
- Solana, however, which is built to be cheap and easy, facilitated memes as tokens. The market exploded with the launch of Pump.fun which makes creating such a token the work of mere minutes.
By the numbers: Decentralized exchanges on Solana are doing more than $6 billion in volume weekly.
- The token jeo boden (BODEN), the completely unofficial memecoin for the campaign of President Biden, sees far more volume than its counterpart, doland tremp (TREMP). BODEN is averaging around $20 million in volume over the last five days, as opposed to $2.5 million or so for TREMP.
