Published on mei 10, 2024, 12:59 am
Image source: Fox News
```json { "TLDR": "Politically themed memecoins like MAGA (TRUMP) have surged in the crypto market, with a notable 78% increase following comments from Donald Trump. Other tokens like TREMP and RFKJ also saw growth. Trump expressed support for cryptocurrencies compared to Biden's administration. The rise in these memecoins is part of the broader interest in such tokens, making them profitable investments." } ```
Politically themed memecoins have defied the general stagnation in the crypto market by experiencing significant gains. One notable example is the Trump-themed memecoin, MAGA (TRUMP), which saw a remarkable surge of 78% on May 9th following comments made by former President Donald Trump regarding cryptocurrencies. Data from Cointelegraph Markets Pro and TradingView reveals that MAGA is currently trading at $6, marking a 46% increase over the past 24 hours.
The trading volume of MAGA has skyrocketed by 620%, reaching $281.8 million, propelling its market cap to the same value and securing its position at number 248 on CoinGecko’s rankings. At present, TRUMP stands as the 13th largest memecoin based on market capitalization.
MAGA, an abbreviation for “Make America Great Again,” a slogan synonymous with Trump, isn’t the only politically associated token that experienced growth on May 9th. Donal Tremp (TREMP) surged by 136% over the last day, while Independence Token (RFKJ), dedicated to supporting Robert F. Kennedy Jr.’s presidential aspirations, exhibited a gain of 24.4% during the same period.
Another memecoin connected to political figures is Joe Boden (BODEN), reflecting a misspelling of U.S. President Joe Biden’s name. Despite only showing a modest 1% uptick on May 9th, BODEN rose significantly by 22% back on March 8th after comments made by Trump.
Trump recently addressed his support for cryptocurrencies during an NFT dinner at Mar-a-Lago in Florida when questioned about accepting crypto donations for his campaign. He contrasted his stance with that of President Biden’s administration, implying their negative view towards crypto while affirming his pro-crypto position.
This surge in politically themed memecoins comes amidst broader interest in memecoins, leading them to be one of the most profitable narratives in Q1 of this year according to Crypto Koryo. The popularity of these coins is evident as CoinMarketCap listed over two thousand such tokens with a combined market capitalization exceeding $52 billion, constituting about 2.15% of the global cryptocurrency market value.
Disclaimer: This article does not provide investment advice or recommendations; readers are advised to conduct their own research before engaging in any investment or trading activities due to associated risks involved.
Original article posted by Fox News
