Political Memecoins Losing Steam? 😤
Is it election burnout for political memecoins? Crypto hippo Moo Deng memecoin closing in on $200M market cap. POPCAT hits $1B. Hamster Kombat airdrop delivers dust? Gensler wants crypto disclosures.
Hello, y'all. The music quiz game that’s got over million plays. Who are you playing with then 👇
We are 38 days away from the result of 2024 US Presidential Elections.
But guess what’s already losing steam?
Introduced less than a year ago. They shot up to fame immediately.
What drove them? Multiple factors.
January 15 - Donald Trump won a landslide victory at the 2024 Iowa Republican presidential caucuses. MAGA (Trump) rose 79.1% within a day.
May 30 - Trump found guilty of 34 counts of hush money payments. MAGA (TRUMP) increased 22.3% despite the guilty verdict. Reaching an all-time high of $798 million. Meanwhile, Jeo Boden (BODEN) fell 11.4%.
June - Joe Biden’s health and age are questioned. Jeo Boden (BODEN) dropped 42.8% between June 1 and June 27 (Presidential debate).
July 13 - Trump assassination attempt at a rally in Pennsylvania. MAGA (TRUMP) and Doland Tremp (TREMP) rallied in the direct aftermath, gaining 41.2% and 63.7% respectively.
July 17 - Biden tested positive for COVID-19. Jeo Boden (BODEN) fell 27.3%.
July 21 - Biden announced he was dropping out of the Presidential race. Jeo Boden (BODEN) fell 57.4%, while Kamala Horris (KAMA) gained 59.6%.
All good, then?
It was, until a few months ago.
In June this year, the five leading political memecoins - MAGA (TRUMP), MAGA Hat (MAGA), Doland Tremp (TREMP), Jeo Boden (BODEN), and Kamala Horris (KAMA) - peaked at over $1.25 billion in market cap.
But have since plummeted to under $170 million. That’s a 90% drop.
Read: Election burnout has come for political memecoins
Of the 80,190 addresses holding MAGA (TRUMP), approximately 30% purchased after its all-time high of $17.51 in early June; it is currently trading at $3.05.
So is it curtains down for political memecoins yet?
Maybe not. Not just yet.
Recent political developments have kept investor interest alive.
Just today, two political memecoins MAGA (TRUMP) and Kamala Horris (KAMA) shot up 10% and 40% respectively.
In fact, KAMA recorded 82% growth over the past week, versus 60% for MAGA, driven by her recent shift in crypto stance.
But, a lot of currently active political memecoins were launched around Trump.
So, a Trump victory could boost interest in Trump-themed tokens due to his pro-Bitcoin policies and the last crypto project - World Liberty Financial.
But a loss for Trump on November 5 may push a lot of political memecoins closer to fading away.
So, an uncertain future for political memecoins?
Who cares, say the rest of the memecoins.
Traders still love non-political memecoins.
In fact, the top 12 memecoins have all registered double digit growth over the last 7-day and 30-day periods.
The Home for All the Music Lovers
Muzify - is more than just a platform; it's a journey into the world of music.
It provides an interactive experience through quizzes and exploration tools. For artists it’s a powerful tool for artists to connect with their fans.
Through custom quizzes artists can engage their audience, receive direct feedback, and build a loyal following eagerly anticipating their next release.
The platform offers a direct line to fans, fostering a sense of connection that goes beyond mere listening.
Crypto Hippo Takes Over the Internet
Past week has been a hell of a comeback for the memecoin.
But guess who’s leading it?
New ones inspired/launched by celebrities in the town.
Celebrities? Well, hippos and rappers.
Moo Deng inspired by a baby pygmy hippo that became an internet sensation, shot up 850% over the last seven days. Zooming in on $200 million market cap.
And traders are making the most of it.
One trader turned $800 investment, which they made four hours after the token was launched, worth around $3.5 million.
And then?
Another memecoin - MOTHER - launched by Australian rapper Iggy Azalea surged 243% over the last month.
The latest spike comes following the controversial Motherland Rodeo Party in Singapore, where the Australian rapper hired 36 women to dance both onstage and with attendees.
Read: “Crypto WILL have ass”
Crypto Twitter didn’t like it. But Iggy did not mind one bit.
MOTHER’s market cap has shot up to $127 million.
Block That Quote 🎙️
US Securities and Exchange Commission Chair Gary Gensler in an interview with CNBC’s Squawk Box
"This field will not long persist without investor protection”
Some habits die hard. Some others, don’t.
Gensler persisted with his critical stance on crypto space.
He warned that the crypto industry needs disclosures.
And then?
Backed up his stance by pointed to all the ugly crypto cases from the past that rocked the industry.
"Look at the leading lights in this field, in the crypto field just two years ago. A number of them are in jail right now, and I'm not just talking about SBF [Sam Bankman-Fried]... there's been tens of billions of dollars of losses and bankruptcies and so forth.”
Losses in the first three quarters of the year have reached an all-time high of $2.1 billion, as per Cyvers 2024 Web3 Security Report.
That’s already exceeded the total losses in 2023.
In 2024, Indian stock exchange WazirX experienced a major hack resulting in the loss of over $230 million. That accounted for more than 45% of its total reserves at that time.
In 2022, the infamous crypto exchange FTX fallout case impacted billions of customer funds.
Besides that, hedge fund Three Arrows Capital and crypto lenders Celsius and Genesis were also hit by financial crisis, in the same year.
So, Gensler wants crypto platforms to register with the SEC.
"What innovative field in America survives without having building trust in that field and protecting investors or consumers?"
In The Numbers 🔢
$1 billion
The market cap surpassed by POPCAT memecoin on September 26.
Became the first cat-themed memecoin to reach a $1 billion market cap.
First, inspired by a baby hippo. Then an Australian rapper. And, now a cat-themed.
Another memecoin rally loading? Perhaps.
The cat-themed token's price surged 50% in the last two weeks.
Trading volume spiked 47.90% in 24 hours, reaching $667.89 million.
Hamster Kombat Airdrop Delivers Dust?
What do you get after waiting for airdrops for so long from one of the most popular on-chain games?
‘Dust’.
Says who? Players anticipating rewards.
Telegram game Hamster Kombat finally went live with its token on September 26.
And it has managed to piss quite a few of its players.
Many expressed dissatisfaction with their rewards. They felt the time and effort they put in the game were not adequately compensated.
After the airdrop, numerous users took to social media to describe their HMSTR rewards as "dust".
What’s that? Negligible amounts of cryptocurrency.
Many reported that their HMSTR holdings were worth less than $10, leading to frustration within the community.
How many?
User Base: 300 million players, since its launch in March 2024
Qualified for airdrop? 131 million players. However, ~2.3 million players were disqualified for alleged cheating
Token Distribution: Total of 60 billion HMSTR tokens were allocated
Market reaction
The token’s price fell to around $0.0068, a 30% drop from its initial price of $0.009496
Trading data indicated that over 30 million users began trading HMSTR shortly after its launch
The Surfer 🏄
Indian crypto exchange WazirX has been granted a four-month conditional moratorium by the Singapore High Court to restructure its liabilities following a $230 million hack in July. Meanwhile, the hackers have almost completed laundering the stolen funds through the crypto mixer Tornado Cash, with only $6 million remaining in their main wallet.
Billionaire Mark Cuban has expressed interest in replacing Gary Gensler as SEC Chair. Kamala Harris's team has reached out to Cuban to gauge the state of the crypto industry, signaling a potential shift from the Biden Administration's crypto policy.
The Worldcoin Foundation and its partner Tools for Humanity have been fined $860,000 by South Korea’s Personal Information Protection Commission for improperly collecting biometric data, including iris scans, without adequate consent. The investigation revealed that nearly 30,000 individuals had their sensitive information collected without proper disclosure, prompting corrective measures to ensure compliance with data protection laws.
Tornado Cash developer Roman Storm will face trial on December 2 after a federal judge denied his motion to dismiss charges of money laundering and sanctions evasion. The judge ruled that writing code for the Tornado Cash protocol is not protected speech under the First Amendment. This allowed the prosecution to proceed with allegations that Storm knowingly facilitated illicit activities through the crypto mixer.
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