TRUMP2024 or BIDEN2024? How U.S. elections are propping these altcoins

• Tokens such as TRUMP2024 and BIDEN2024 surge in popularity ahead of the U.S. elections.
• Ethereum and Solana could benefit from the heightened interest in the tokens.

The 2024 U.S. election is one of the most anticipated events of this year. Some token creators have tried to capitalize on the attention around U.S. elections and have created tokens around the same.

Shitcoin Update: $BIDEN2024 and $TRUMP2024 on Ethereum are gaining marketcap. Is this the true election? Trending #8 and #11 on @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 that have been created in this context. The TRUMP2024 token grew by 751% over the last month and was trading at $0.00000000451 at the time of writing.

The volume at which it was trading grew by 26.69% in the last 24 hours and was currently at 3.69 million.

Source: CoinMarketCap

Coming to the BIDEN2024 token, it grew by 694.25% last week and saw a gigantic surge of 1796.25% in volume. At press time it was trading at $0.00000000431 and its volume was $2.41 million.

Source: CoinMarketCap

As the presidential election inches near, the probability of these tokens seeing more growth is very high. However, after the event, the prices of the token may collapse.

Memecoins are very susceptible to rug pulls and holders should be careful around these tokens. Holders and traders should hedge their bets if they decide to invest in these tokens.

L1 networks gain

Even though some holders may gain or lose out on money eventually, Solana [SOL] and Ethereum [ETH] might see positive returns regardless.

The hype around these tokens on both Solana and Ethereum may add to an uptick in activity on both of these networks. The networks saw a massive surge in activity over the last few months as well.

According to Artemis’ data, the number of daily active addresses on Solana increased from 214,000 to 624,000 in the last 3 months.

Solana was lagging behind Ethereum in this regard earlier, however, at press time, Solana had outperformed Ethereum by a large margin. At press time, the number of daily active addresses on the Ethereum network amounted to 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 were 27.8 million. Ethereum on the other hand had 1.6 million.

Source: Artemis