VANCE and VENCE have both seen huge gains in the past seven hours.
In 2022, Vance won the Ohio Senate primary, partially by branding himself as a crypto-friendly politician. That same year, Vance disclosed owning between $100,001 and $250,000 worth of BTC in a financial statement filed in October 2023.
(Shutterstock/Lev Radin)
Posted July 15, 2024 at 6:51 pm EST.
With Donald Trump choosing Ohio Senator J.D. Vance as his Republican vice presidential runnig mate on Monday, a number of memecoins inspired by Vance have surged.
According to data from DexTools, one memecoin with the ticker VANCE, which was created 19 days ago on Ethereum, has more than tripled in the past seven hours from $0.00001365 to $0.00004326 at presstime.
Similarly, another memecoin on Solana, VENCE, based on the incorrect spelling of Vance’s last name, increased nearly 150% over the same period from $0.0009759 to $0.002439. The VENCE token joins a cohort of cryptocurrencies that have tickers stemming from the misspelling of politicians’ names, such as TREMP and BODEN.
With a combined 24-hour trading volume of roughly $17.83 million, VANCE and VENCE have liquidity levels of $310,840 and $197,520, respectively, per DexTools. Additionally, these two tokens have a combined market cap of $6.55 million.
The surge in the price of Vance-inspired memecoins following Trump’s decision highlights the speculative nature of the crypto ecosystem and the sensitivity among traders to political news, as high-risk takers are currently considering whether to increase their exposure to these memecoins.
“[I] got my eye on $VENCE, $VUNCE, [and] $VANCE for some reckless orderblocks to add and forget about,” wrote one crypto trader who goes by the X handle @ShadyTheWizard. “No reason to FOMO into green candles, but may be worth it to add if we get some serious dips pre-news levels.”
Vance’s Pro Crypto Stance
Memecoins inspired by Vance are not the only connection the potential future US vice president has with the crypto ecosystem.
In 2022, Vance won the Ohio Senate primary, in part by running as a crypto-friendly politician. According to a financial disclosure statement that he filed in Oct. 2023, Vance owned between $100,001 and $250,000 worth of BTC.
And according to a Politico report last month, Vance started sharing draft legislation intended to overhaul the way the US government regulates cryptocurrencies.
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