Trump's market effect of "turning stones into gold" is being imitated by Vice President Vance.
On September 24th, local time, U.S. Vice President JD Vance posted a parody meme called " Pwease " based on himself on the social media platform X, which accidentally caused the Solana meme coin of the same name, PWEASE, to surge 65% in a short period of time. Although it subsequently fell back by nearly 30%, its current market value still remains at approximately US$4.02 million.
This "sales drama" performed by politicians themselves allowed the crypto market to once again witness the power of political traffic.
A traffic caused by the word "please"
The story begins in February of this year. Vance, in a speech with Ukrainian President Volodymyr Zelenskyy, demanded that the other party say "please" and "thank you" to the United States. This exchange was parodied by foreign netizens and turned into a meme, subsequently leading to the creation of the PWEASE token on the Solana blockchain.
In March of this year, the market value of the currency soared to 54 million US dollars, but as the popularity subsided, its market value recently fell to only 4 million US dollars.
Vance's meme was intended to attack American political commentator Joy Reid. Reid criticized Vance in a video, saying he got into Yale University thanks to "diversity initiatives" (DEI). Vance's meme was interpreted as a mockery of Reid's appearance.
The tweet received 5.7 million views within 3 hours, directly driving PWEASE's trading volume to surge by 235%, and its market value once exceeded US$6 million.
In stark contrast to PWEASE's short-term popularity, Trump's official meme coin, TRUMP, has continued to perform poorly. Despite Trump's recent keynote speech at the UN General Assembly, the token's price has plummeted approximately 90% from its January high. This contrast highlights the high reliance of political meme coins on event-driven trends, making their price fluctuations highly uncertain and speculative.
In fact, political risk has become a new variable that cannot be ignored in the crypto market. From Trump to Vance, the pattern of politicians influencing crypto assets through social media has gradually solidified: their speeches attract community attention, which in turn triggers sharp price fluctuations.
Data shows that political meme coins have developed into a unique sector within the crypto market. As of September 25th, the combined market capitalization of the top ten politically-related tokens exceeded $500 million, yet their 30-day average volatility exceeded 200%, significantly higher than that of mainstream cryptocurrencies.
Despite PWEASE's significant short-term gains, its fundamentals are extremely weak. The token, which peaked at $54 million in March, has since plummeted over 90%. Whether the price surge sparked by Vance's comments can provide sustained support remains a major question.
For ordinary investors, political meme coins pose three major risks:
Prices are highly tied to the words and deeds of politicians and are extremely volatile;
Lack of practical application and value support makes it difficult to establish a valuation system;
It is vulnerable to changes in policies and regulations, and faces prominent uncertainties.
As of press time, PWEASE's market capitalization has fallen 24% from its peak to around $4 million, while the Trump token has continued its decline, down nearly 90% from its January high. The roller-coaster market performance of political cryptocurrencies has once again confirmed the meme principle of high volatility and high risk.
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