Political Spoof Meme Coin Market Cap Falls from $800 Million to $100 Million

Political spoof Meme coins such as boden, tremp and kama, which sparked a boom earlier this year, are usually named after political figures or commentators, but a select number of coins have their own nomenclature and art style, such as misspelled names and crude MS-Paint-style caricatures of characters. The market capitalization of these coins approached $800 million within a month after their launch in late February to early March, but they have been bleeding since then and are now worth less than $100 million in total. Currently, 150,000 addresses hold political spoof coins, with an estimated 80 percent holding 10 units (worth a few dollars at most). Vice President Kamala Harris' spoof coin kamala horris is the latest to rise after Biden's poor debate performance last week. However, KAMA only accounts for 3% of the spoof meme coin market, while boden accounts for 24% and tremp for 43%.