Donald Trump Inspires First ‘PoliFi’ Experiment: Here’s the Latest on MAGA Meme Coins

cryptonews.com:

MAGA coin, a Donald Trump-themed  meme coin , has emerged as a notable contender in the world of cryptocurrency. 

With a staggering surge of nearly 400% over the past month, according to CoinGecko data, and a market cap exceeding $285 million, the meme coin is on its way to join the ranks of legendary canine-inspired tokens like  Dogecoin (DOGE)  and  Shiba Inu (SHIB) .

Steven Steele, the marketing director of the MAGA coin project and a popular YouTube talk show host, expects the token to reach the same scale, market cap, and popularity as these iconic meme coins. 

In a  recent interview , Steele expressed his ambitious goals for the project, emphasizing its potential to bridge the worlds of politics, finance, and community through a concept he calls “PoliFi,” a portmanteau of decentralized finance (DeFi) and politics.

While meme coins often draw criticism for their speculative nature and association with the “degenerate” aspects of the crypto world, some argue that they embody the lighthearted spirit of attempting to reshape the global financial system. 

The Avalanche Foundation, for instance, recently announced its investment in meme coins, recognizing their potential to foster community-building and humor within the crypto space.

Steele contends that the Trump-themed coins serve a unique purpose beyond mere speculation. 

He suggests that the coin’s value directly corresponds to major events involving Donald Trump, essentially functioning as a prediction market for investors. 

Steele said he finds the accuracy of these coin movements amusing. 

“It’s evolved to become this kind of de facto betting market on the election for many investors.”

Comparing meme coins to traditional prediction markets, Steele argues