Political memecoins have boomed in 2024 particularly, with a combined market cap of $497 million.
Donald Trump's son, Eric, recently took to Twitter to express enthusiasm for crypto and DeFi.
This tweet about a "major DeFi announcement" has sparked speculation about a new Trump-related memecoin or NFT collection.
Overall, the Trump family has shown great interest in crypto, with Donald positioning himself as a "crypto president."
U.S. politics have greatly influenced the crypto space, especially in 2024. Political events have caused market rallies and crashes, and we now have hundreds of memecoins in the PolitiFi (Political finance) sector.
We have popular ones like $PEOPLE, $TRUMP, $MAGA and $BABYTRUMP, all of which have rallied by 7,000% to 50,000% since launch.
In fact, CoinMarketCap data shows that this sector is now worth a staggering $497 million despite the ongoing market woes.
Top political memecoins by market cap
Although none of these memecoins has any direct links to the political figures they are based on, what are the odds that we might see a "legit" Trump coin soon?
Let’s see why this might happen.
Eric Trump, the son of former U.S. President and current presidential aspirant Donald Trump, recently caused a wave of speculation in the crypto community.
The younger Trump, a businessman in the United States, took to Twitter this week to reveal his newfound passion for crypto and defi in a tweet, igniting curiosity about what might be coming next.
"I have truly fallen in love with crypto and Defi," the tweet read. "Stay tuned for a big announcement".
The “big announcement” was the fire to the fuse, with many speculators gunning for a new memecoin.
"What's the C.A. (contract address)?" one commenter asked. Another added, "I can't wait to see what you announce."
The tweet from Eric Trump was not without criticism, though. One commenter asked, "What will you do? Dump the Bitcoin USA seized to fix up your debt? Keep lying on X."
Another commented, "You should probably avoid cooking up any crypto schemes until you're sure that daddy's gonna crush the SEC."—which is interesting, considering Trump's promise to fire the agency's current chair, Gary Gensler, if elected.
Eric Trump's enthusiasm on Twitter comes at a critical time when the crypto market is in the middle of higher regulatory scrutiny and harsher volatility.
So far, this isn’t the first time a member of the Trump family has engaged with the crypto community, with former President Donald Trump positioning himself as a “crypto president”.
Overall, the market continues to wait for Eric’s “big announcement”, which might be a new memecoin, a new NFT collection or something else entirely.
Others continue to wait on Donald Trump's promises to both wipe out the U.S.' $35 trillion debt by 2045, and make the country a Bitcoin mining superpower before then.
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