Memecoins and Politics: A New Way to Bet on Election Outcomes

Political memecoins have emerged this year, capturing the attention of those who stay on top of current affairs. These tokens, often featuring misspellings and caricatures of political figures in the style of meme caricature “spoderman,” have been a novel way of people betting on who they think will emerge victorious during this election season.

In this article, we’ll explore five of the most prominent political memecoins: $TREMP, $BODEN, $KAMA, $NOOSUM, and $GRETCH.

$TREMP

There are many Donald Trump-based tokens out there on various chains, but $TREMP is likely the most well-known. The thesis is simple: as long as Trump stays in the headlines, Tremp will garner attention. With Trump being the odds-on favorite to win the US election in November, his token is currently performing the best out of all potential candidates and seems like a lock-in to be the safest bet in this sector.

Things aren’t so certain on the Democrat side of things, however….

$BODEN

$BODEN, a parody of Joe Biden, launched in early 2024. It quickly gained a cult following among those who saw the potential for profit in the token’s satirical take on the Commander-in-Chief.

Boden reached a market cap of over $500 million at one stage; however, the euphoria has since subsided. Since the first presidential nominee debate, where Biden had a catastrophic night leading to calls for him to step down, many investors have sold off their holdings in anticipation that he may be forced to do so. That said, Biden has repeatedly reassured his supporters that he is the nominee and that it will stay that way, and the comeback on $boden would be outrageous should he make it all the way to November unscathed.

$KAMA

$KAMA, named after Kamala Harris, saw an incredible surge following Biden’s debate performance. As prediction markets started favoring Harris as a potential Democratic nominee, $KAMA’s market value jumped from $1.4 million to $11.4 million in a matter of days.

Harris seems like the most logical candidate to replace Biden (should that scenario play out.) Awarding the nominee spot to someone else would imply that her nomination for VP was a mistake, which would be a disaster not only for Harris’ career, but also an embarrassment for the Democratic Party as a whole. Not a great look if both the President and the VP are replaced without being voted out!

$NOOSUM

$NOOSUM, based on Gavin Newsom, the Governor of California, also experienced a surge as speculation grew about Biden’s potential withdrawal from the race. Newsom’s prominent role in the Democratic Party and his public support for Biden have positioned him as a potential candidate, driving interest in the $NOOSUM token.

Newsom is an extremely charismatic candidate who could likely give Trump a run for his money in November. However, would the governor of California take the bold risk of running in this very fraught election at such short notice? Failing in 2024 could effectively end his chances for 2028, yet he’s still a decent outside bet.

$Gretch

$GRETCH, inspired by Michigan Governor Gretchen Whitmer, has similarly risen in value amid speculation about her potential candidacy. Despite Whitmer’s repeated statements focusing on her current role, rumors continue to fuel the popularity of $GRETCH in the memecoin market.

Much like Newsom, Whitmer may not see this as the most opportune time to enter the race, considering she still has a lot of potential shelf life in her political career.

Final Thoughts

As of now, Polymarket odds favor Trump with a 61% chance of winning the election, followed by Harris and Biden tied with a 14% chance each, with Newsom and Whitmer trailing much lower.

Remember, memecoins are highly speculative, and political memecoins are even more so. It stands to reason that many, if not all, of these tokens will go to zero once the election is over. Certainly, the ones whose associated candidates officially drop out of the race will see dramatic falls from grace, so invest with this in mind.