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.