The Official Trump (TRUMP 1.64%) and Melania Meme (MELANIA 6.90%) meme coins surged recently on the back of news that lawmakers had reached a deal to end the government shutdown. TRUMP rose over 20% in the week before Nov. 10, and MELANIA was up over 60%
Political meme coins, also called PolitiFi, combine the fun of memes, the speculation of crypto, and ideological support for particular political figures. It's a potent mix, but not necessarily one that's good for your portfolio. Some data show just 3% of meme coin traders have made more than $1,000. That's one reason to ignore them.
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Forget political meme coins; here are three more promising cryptocurrencies
The main reason to ignore the TRUMP and MELANIA meme coins goes beyond their speculative nature. Put simply, there are much better investments out there -- and many other ways to express political support if that's what you want to do.
Here are three nonpolitical cryptocurrencies to hold long term:
- If you want to invest in a cryptocurrency engine: Ethereum (ETH 0.23%) was the first cryptocurrency to introduce smart contracts, which make blockchains programmable. They allow developers to build meme coins, NFTs, stablecoins, tokenized assets, and more.
- If you want to invest in meme coin infrastructure: Solana (SOL 1.76%) is the speedy little sibling of Ethereum. It's a smart-contract crypto that's significantly faster and lower cost, making it a popular choice for meme coin projects.
- If you want a piece of digital gold: Bitcoin (BTC 1.06%) has gained traction this year as a store of value -- a way to hedge against inflation or uncertainty. The jury's out on whether it can indeed rival gold, but a number of institutional investors think so.
Whether you have $100 or $1,000 to invest, cryptocurrencies are just one option. You might also consider an index fund that tracks the S&P 500. Sure, it isn't as exciting as a meme coin. But regular purchases of relatively safe investments can be a more reliable way to build wealth over time.
