Election-themed meme coins, known as PoliFi tokens, are seeing a boost after a major U.S. exchange, Kraken, listed them for trading. BODEN, a token based on Joe Biden, and TREMP, inspired by Donald Trump, are both built on the Solana blockchain.
This rise in interest in PoliFi tokens reflects a growing trend of political-themed cryptocurrencies becoming popular among investors. It's worth noting that some speculate that this increased activity on the Solana blockchain, where BODEN and TREMP reside, could potentially influence SOL price. However, there's no clear evidence to confirm a direct correlation at this time.
This marks a first for U.S. exchanges, as BODEN and TREMP were previously only available on offshore or decentralized platforms. The listing triggered price increases, with BODEN rising over 10% and TREMP gaining 5% in the last 24 hours.
It's worth noting that these tokens are still considered niche players in the crypto world. Their trading volumes, while significant at $10 million and $12 million, respectively, are dwarfed by other cryptocurrencies like Dogwifhat, which boasts a volume of around $400 million in the same timeframe.
Interestingly, despite the price rise for BODEN and TREMP following the listing, current betting platforms show a different picture. Predictit, accessible to U.S. residents, has Trump leading Biden by over four percentage points. Polymarket, a platform not available in the U.S., shows an even wider lead for Trump at 56% to Biden's 38%.
