30s Summary

Thousands of election-themed memecoins have appeared on Ethereum and Solana, primarily associated with scams and losses. High-profile tokens such as the Trump-themed MAGA and the Kamala Harris-themed KAMA experienced significant trading volume boosts, reaching market caps of $150 million and $11 million respectively. Despite the occasional success, many memecoins end in disaster, illustrated by the $200K lost during last year’s Bitcoin Pizza Day. Furthermore, Trump’s DeFi project, World Liberty Financial, has underperformed, selling less than 1 billion of the 20 billion tokens and raising only $14.75 million out of a targeted $300 million.

Full Article

Over the past day, thousands of election-themed memecoins have popped up on Ethereum and Solana. These tokens, usually generated around actual events, tend to be linked with scams and unexpected losses. For example, the Donald Trump-themed MAGA token rapidly hit a market cap of $150 million due to a surge in volume. Sorry to state the obvious, but be aware that these memecoins are risky, and a big majority could be scams or fast disappearing losses. Still, some related to elections, like the MAGA token and the Kamala Harris-themed KAMA, seem to have a bit more staying power. The MAGA token, which came about in August 2023, saw a 27% trading volume boost over 24 hours, resulting in a market cap over $150 million. The KAMA token rose by 150% on November 1 but has since dropped by 50%, leaving it with an $11 million market cap. These memecoin appearances are common around significant happenings, where creators hope to mint the next viral token and score a big win. Just remember the cautionary tale from last year’s Bitcoin Pizza Day when memecoin creators ran off with over $200K from a series of project losses. World Liberty Financial, a DeFi backed by Trump’s family, proved to be a letdown last month. Despite the token still being live, less than 1 billion of the 20 billion tokens up for sale have been sold and the project has only raised $14.75 million out of a hoped-for $300 million.