Top-10 US Election 2024 Solana meme coin audit
As the 2024 United States presidential elections draw near, public fascination with subject-related meme coins has garnered significant attention. However, a pressing concern arises: how protected are these digital assets?
In this article, we’ll analyze the top of the most popular meme coins on Solana protocol within the context of the US presidential election 2024 narrative. Our investigation aims to assess the efficacy of these digital assets in maintaining data integrity and preventing potential manipulation, thereby examining whether they can be counted to be safe entities or if they harbor vulnerabilities that could have far-reaching consequences.
Background: Why do we value meme coins?
Meme coins have been around for several years, but their popularity has surged in recent times. These crypto assets often utilize “alternative” blockchains like Solana, which is known for its fast transaction speeds and low fees.
But what exactly is a meme? It's more than a humorous concept – it's a cultural unit of information that spreads rapidly, shaping narratives and influencing perceptions. In the crypto world, meme tokens went far from “just” laughing matter. They're built around a sense of community, shared ideas, and trends, allowing enthusiasts to come together, unite their passion for a particular meme or theme, and participate in a shared experience.
This community aspect creates a strong bond among holders, encouraging collaboration, discussion, and even advocacy. Meme coins may not have practical utility, but they offer a unique form of “social utility” – a human connection that's often overlooked in traditional blockchain applications.
What drives the popularity of meme coins? It's the unique representation of the meme identity, which attracts community members, impacts the coin's price and spread, and creates a powerful force in the crypto market.
Top US Election 2024 Solana meme coin list
As the 2024 United States presidential elections draw near, a surge of election-themed meme coins has gained momentum in the crypto industry, and new election tokens keep emerging. These coins are centered around political ideas, narratives and trends. Below is a curated list of the top-10 most popular election meme coins on Solana, ranked by market capitalization. Data in this article is based on CoinGecko and SolScan data as of October 25, 2024.
1. doland tremp / tremp
Meme coin address on SolScan: https://solscan.io/token/FU1q8vJpZNUrmqsciSjp8bAKKidGsLmouB8CBdf8TKQv
Market Cap: $30 813 250,39
2. MAGA (Wormhole) / TRUMP
Meme coin address on SolScan: https://solscan.io/token/HaP8r3ksG76PhQLTqR8FYBeNiQpejcFbQmiHbg787Ut1
Market Cap: $11 723 068,91
3. Restore The Republic / RTR
Meme coin address on SolScan: https://solscan.io/token/7G5DM7Jy7TMWKgH313tA3vF6AqHpbHP4TWZzpTVLWv9c
Market Cap: $10 564 855,91
4. Kamala Horris / KAMA
Meme coin address on SolScan: https://solscan.io/token/HnKkzR1YtFbUUxM6g3iVRS2RY68KHhGV7bNdfF1GCsJB
Market Cap: $8 038 011,96
5. Dark MAGA / DMAGA
Meme coin address on SolScan: https://solscan.io/token/7D7BRcBYepfi77vxySapmeqRNN1wsBBxnFPJGbH5pump
Market Cap: $6 218 012,36
6. Donald Trump / TRUMP
Meme coin address on SolScan: https://solscan.io/token/4h8LjZWUfUQVgbEZ29UzTuGXNW6rwrJis78ZU66ekkPV
Market Cap: $5 535 068,89
7. jeo boden / boden
Meme coin address on SolScan: https://solscan.io/token/3psH1Mj1f7yUfaD5gh6Zj7epE8hhrMkMETgv5TshQA4o
Market Cap: $4 516 565,53
8. 4TRUMP / 4WIN
Meme coin address on SolScan: https://solscan.io/token/4TRUMPJwguiFjfY6PLpwT6SZ5BZmCuzfqWWeJAdR6xP3
Market Cap: $4 144 545,15
9. PepeTrump / PTRUMP
Meme coin address on SolScan: https://solscan.io/token/Gk2kRrwNMBU4Dn9JhC1Dks8G5X9nqi4ZE5jMvK6bdgEd
Market Cap: $2 911 634,37
10. TrumpCoin / DJT
Meme coin address on SolScan: https://solscan.io/token/HRw8mqK8N3ASKFKJGMJpy4FodwR3GKvCFKPDQNqUNuEP
Market Cap: $2 473 104,13
Meme tokens security issues
While meme coins may seem harmless and entertaining, they can still pose cybersecurity risks. Here are some concerns:
- Security vulnerabilities. Meme coins are often created quickly, without proper security testing or auditing. This can lead to vulnerabilities being exploited by attackers.
- Phishing attacks. With the rise of meme coins, phishing attacks may increase as hackers create fake websites and social media accounts to steal user credentials.
- Scams. The anonymity of blockchain transactions can make it difficult to track and trace funds, making it easier for scammers to launder money or use stolen funds.
In our security check, we will be focusing on the first concern. To be precise, we will check meme coins for a particular security vulnerability which is specific for Solana protocol assets. This vulnerability has the potential to put every coin at risk, with meme coins being particularly susceptible due to their unique value characteristics.
What is the point?
As said earlier, the identity of a meme coin is its most valuable aspect, comprising basically the coin's name, ticker, and logo. For meme coins, this information is the very essence of the meme itself, representing its narrative. The immutability of this data is crucial for ensuring the reliability and integrity of a meme token within a blockchain environment.
But what if the creators could change this identity data at will? Would you still "buy into" the idea or purchase the meme coin if it meant that the creators could alter its essence at any time, potentially turning your “ABC” token into “XYZ” without notice?
In the context of an election, this raises even more concerns. Would you trust a meme token's narrative and identity if there is an opportunity malicious actors can manipulate them with ease?
Meme tokens security audit
Let's take a closer look at the top-10 Election meme tokens list and examine whether the creators have ensured the immutability of these essential data points.
1. doland tremp (tremp) - Mutable
2. MAGA (Wormhole) (TRUMP) - Mutable
3. Restore The Republic (RTR) - Immutable
4. Kamala Horris (KAMA) - Immutable
5. Dark MAGA (DMAGA) - Immutable
6. Donald Trump (TRUMP) - Immutable
7. jeo boden (boden) - Immutable
8. 4TRUMP (4WIN) - Immutable
9. PepeTrump (PTRUMP) - Immutable
10. TrumpCoin (DJT) - Mutable
A closer examination of the top-10 most popular Election tokens on Solana reveals that 3 of these tokens have mutable data, leaving them vulnerable to potential metadata modification. What's even more concerning is that these mutable assets have a combined market cap of ~$45 million, compared to ~$42 million for their immutable counterparts.
Is it only about Election 2024 meme tokens?
The mutability of meme tokens is a frequent vulnerability that affects many popular meme coins in general. For example, Bonk meme token with $2,039,671,720.51 market cap has the same issue, which means its identity data can be changed.
Can it be fixed?
This vulnerability can be fixed easily and without affecting token holders.
Conclusion
The popularity of meme coins has been a significant topic of discussion within the crypto community, offering an innovative and fun way to engage with the world of cryptocurrencies. While these tokens may be entertaining and engaging, it is essential that founders, developers, investors and traders remain vigilant about the potential risks associated with crypto assets, including Solana-based meme coins.
We strongly advise developers and users of meme coins to prioritize security measures, conduct regular security audits, and maintain transparency to safeguard the integrity of their assets. By taking these precautions, we can ensure a more secure and enjoyable experience for all participants in the crypto industry.
Disclaimer
This article is about blockchain and cryptosecurity, not about the election. Do not consider this article as election advice, opinion and / or recommendation of any kind.
An audit does not provide any warranties regarding the code security. We presume that a single audit cannot be considered totally sufficient and always recommend several independent audits and a public bug bounty program to ensure code security.
DYOR. This article does not constitute legal, financial or investment advice, and we are not responsible for any decisions based on our analysis or recommendations.
