Trump-Themed MAGA Memecoin Soars by 78% Following Trump's Crypto Remarks
Summary:
Following Donald Trump's remarks on digital currencies, the Trump-themed memecoin MAGA (TRUMP) saw a 78% surge, trading at $6. Other politically linked tokens also saw increases, led by Donal Tremp (TREMP) with a 136% rise. On May 8, Trump assured his pro-crypto stance, making it open for crypto donations to his campaign. The growth of memecoins in 2024 is reportedly the most profitable narrative for Q1, with CoinMarketCap listing a record of 138 ERC-20 memecoins.
The MAGA (TRUMP) memecoin, themed after Donald Trump, saw a whopping 78% increase on May 9, following the Republican presidential candidate's remarks on digital currencies. As per TradingView and Cointelegraph Markets Pro data, MAGA was trading at $6, marking a 24-hour increase of 46%. Its daily trading volume surged 620%, amounting to $281.8 million, placing it on the 248th spot on CoinGecko, with the same market cap. Currently, the token is the 13th largest memecoin according to capitalization.
The term MAGA stands for "Make America Great Again", a slogan frequently used by Trump. Other tokens linked politically also experienced a surge on May 9, with Donal Tremp (TREMP) witnessing a 136% rise over the last 24 hours. Independence Token (RFKJ), in support of Robert F. Kennedy Jr.'s presidential pursuit, also saw a 24.4% increase over the same period.
Joe Boden (BODEN), a memecoin named due to a misspelling of the current US President Joe Biden’s name, experienced only a 1% rise on May 9, but it had previously rallied 22% on March 8 after Trump's comments.
On May 8, during a dinner Trump hosted for his digital collectibles holders, he disclosed his open stance on crypto donations: “Can we donate to the Trump campaign using crypto? I think so. If not, I'll ensure it’s possible", he responded. Regarding the crypto industry, the former president believes President Joe Biden and his administration are not supportive of the sector. However, he assured his guests of his pro-crypto stance.
Cointelegraph reports highlight the significant growth of memecoins in 2024, marking them as the most profitable narrative for Q1. Crypto Koryo, a pseudonymous user, stated that CoinMarketCap listed a record of 138 ERC-20 memecoins in April 2024, showing a remarkable climb of 666% from just 18 listed in April 2023.
"The count of ERC-20 memecoin tokens is skyrocketing in 2024. Last month, CoinMarketCap registered 138 new memecoins compared to 18 in April 2023”, Koryo mentioned. He suggested that the actual number could be much higher since CoinMarketCap reportedly lists only 10% of all tokens.
As of press time, CoinMarketCap lists over 2,230 memecoins with a shared market cap of exceeding $52,325, accounting for around 2.15% of the total global crypto market value. This news does not offer investment guidance or recommendations. Investments and trading involve risk, thus readers are advised to conduct their own research before making decisions.
Published At
5/10/2024 12:12:25 AM
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