May 3, 2024 - Economy

Charted: 🗳️ The election market

Line chart of prices of Jeo Boden and Doland Tremp election memecoins between 5am March 9 to 9am May 2, 2024. The value of both coins increased over time, with Tremp peaking on April 5 and Boden on April 10 before declining afterwards.
These are two Solana memecoins with intentional misspellings of the main presidential candidates' names. Data: CoinGecko; Chart: Axios Visuals

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.
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