Solciety token sale thrives as MAGA, TRUMP tokens slip
Political tokens and other meme coins retreated sharply in the past few days as investors reacted to the debate between Joe Biden and Donald Trump.
While Trump had a better night than Biden, the MAGA token retreated by over 5% to $0.00023 while Super Trump (STRUMP) and TRUMP fell to $6.83. Joe Biden’s Jeo Boden also plunged by double digits.
The same trend happened in the stock market, where the Trump Media & Technology (DJT) stock plunged by over 10%. This drop happened as investors anticipated that Biden would drop out and be replaced by a younger presidential candidate.
Solciety token sale continues
Political meme coins plunge coincided with the performance of other meme coins. Dogecoin and Shiba Inu have dropped by more than 3% in the past seven days while Memecoin, Turbo, and Baby Dogecoin fell by double digits.
It also happened as most meme coins dropped sharply during the week. Bitcoin has dropped below $61,000 while Ethereum and XRP have also continued retreating.
Despite all this, Solciety, a new political meme coin has continued doing well as its token sale accelerated.
The developers have already raised over $556k in their token sale within a week and this trend could continue.
Solciety’s creators have envisioned a new neutral political meme coin that can become popular among people of all political sides.
The standout feature for the platform is its meme maker, which lets people create their own memes and then share them on social media. Users will be able to earn presale coins for creating and sharing these memes.
Solciety will have a maximum supply limit of 10 billion SLCTY tokens. 30% of these tokens are being offered in the presale while 20% will go towards marketing. The rest will go to liquidity, treasury, partnerships, and rewards. You can read more about Solciety in this white paper.
Meme coins are doing well
Solciety’s upcoming launch is happening at a time when meme coins are doing well. A closer look at analytics shows that meme tokens have done better than mainstream tokens this year. Pepe has soared by more than 700% while Bitcoin is up by less than 100% this year.
Similarly, Dogwifhat (WIF) has jumped by over 1,200% while Floki has jumped by over 300%. Analysts now believe that meme coins are an important part of the crypto industry.
In a recent note, Michael Novogratz of Galaxy Digital said that these coins were a corner stone of the crypto industry. At the same time, the total market cap of all meme coins has jumped to over $50 billion.
In the near term though, these tokens will likely go through volatility as Bitcoin looks for direction. In most cases, these tokens thrive when Bitcoin is doing well. You can buy Solciety tokens here.
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