Recent trading activities suggest that memecoin whales might be taking opposing stances on tokens associated with U.S. political figures. Specifically, significant transactions indicate a potential shift favoring Donald Trump-themed tokens over those linked to Joe Biden.
At a recent gathering for Trump NFT holders in Florida, Donald Trump, the 2024 presidential hopeful, expressed strong support for the cryptocurrency industry.
His endorsement comes at a critical time when many in the crypto space are concerned about the regulatory climate in the United States, which some believe is pushing crypto businesses to relocate. Trump emphasized the need for a regulatory environment that encourages the growth and stabilization of the crypto market, stating, “If we’re going to embrace it, we have to let them be here.” This pro-crypto stance marks a significant pivot from his previously cautious approach to digital assets.
According to on-chain analysis service Lookonchain, a notable transaction involved the sale of 49,253 “Jeo Boden” ($BODEN) tokens and the purchase of 50,797 “Doland Tremp” ($TREMP) tokens. This activity might indicate that crypto traders, or ‘whales,’ are speculating on a rising favorability towards Trump-related digital assets compared to those associated with Biden.
At the time of writing, the market response has been stark: $BODEN has seen a price increase of 23% in the past 24 hours, whereas $TREMP has skyrocketed by 149.5% in the same period. The differing market caps of $252 million for $BODEN and $67 million for $TREMP further illustrate the varying investor confidence and speculation surrounding these tokens.
During the event, Trump also critiqued the valuation of the Biden-themed token, remarking, “That’s a lot of money for a coin, I don’t like that investment.” His disapproval might have influenced the sentiments around $BODEN, potentially swaying investors to reconsider their positions on Biden-associated tokens in favor of Trump-themed ones.
