- Tokens such as TRUMP2024 and BIDEN2024 are becoming increasingly popular in the run-up to the US elections.
- Ethereum and Solana could benefit from the increased interest in the tokens.
The 2024 US elections are one of the most anticipated events of this year. Some token creators have tried to capitalize on the attention surrounding the US election and created tokens for the same reason.
Shitcoin Update: $BIDEN2024 and $TRUMP2024 on Ethereum Gain Market Cap. Are these the real elections? Trend #8 and #11 enabled @dexscreener. 👀https://t.co/8AO3d7z78ehttps://t.co/WXqV4WTt0Z pic.twitter.com/2ntHQHdHBf
— MartyParty (@martypartymusic) January 24, 2024
New tokens have arrived
The tokens BIDEN2024 and TRUMP2024 are two of the most popular tokens created in this context. The TRUMP2024 token grew 751% over the past month and was trading at $0.00000000451 at the time of writing.
The volume it was trading on grew by 26.69% over the last 24 hours and currently stood at 3.69 million.
Source: CoinMarketCap
As for the BIDEN2024 token, it grew 694.25% last week and saw a massive 1796.25% increase in volume. At the time of writing, it was trading at $0.00000000431 and volume was $2.41 million.
Source: CoinMarketCap
As the presidential elections approach, the likelihood that these tokens will see more growth is very high. However, after the event, the token’s prices may collapse.
Memecoins are highly susceptible to rug pulling and holders should be careful with these tokens. Holders and traders should hedge their bets if they decide to invest in these tokens.
L1 networks win
Even though some holders may end up winning or losing money, Solana [SOL] and ether [ETH] can achieve a positive return anyway.
The hype surrounding these tokens on both Solana and Ethereum could contribute to an increase in activity on both networks. The networks have also seen a huge increase in activity in recent months.
According to Artemis data, the number of daily active addresses on Solana has increased from 214,000 to 624,000 over the past three months.
Solana previously lagged behind Ethereum in this regard, but at the time of writing, Solana had outperformed Ethereum by a wide margin. At the time of writing, the number of daily active addresses on the Ethereum network stood at 357,000.
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In terms of transaction activity, a similar trend was observed. Solana completely left Ethereum in the dust in terms of transactions.
At the time of writing, daily transactions on the Solana network amounted to 27.8 million. Ethereum, on the other hand, had 1.6 million.
Source: Artemis