As an experienced analyst in the cryptocurrency industry, I’ve witnessed firsthand the power of political sentiment and social media trends in driving market momentum. The surge in Trump-themed memecoin MAGA (TRUMP) following Donald Trump’s recent comments on cryptocurrencies is a perfect example of this dynamic at play.
On May 9, the price of MAGA (TRUMP), the memcoin themed around former President Donald Trump, experienced a significant increase of up to 78%. This surge in value was likely fueled by Trump’s recent remarks about cryptocurrencies, which generated buzz and excitement among investors.
According to the data from CryptoMoon Markets Pro and TradingView, the price of MAGA is currently at around $6, representing a significant increase of 46% within the past 24 hours.
The trading volume of TRUMP over the past 24 hours has surged by an astounding 620%, reaching a total of $281.8 million. With this market value, TRUMP holds the rank of 248 among all cryptocurrencies on CoinGecko. At the time I’m writing this, TRUMP is the 13th largest memecoin in terms of market capitalization.
MAGA refers to a political slogan popularized by Trump – “Make America Great Again.”
On May 9th, several politically associated cryptocurrencies experienced significant growth. Notable among them was Donal Tremp (TREMP), which surged by an impressive 136% within a day. Similarly, Independence Token (RFKJ) rose by approximately 24.4%, making it a noteworthy gainer in this group. These tokens have been linked to political figures and campaigns.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing trend regarding Joe Boden (BODEN), a memecoin that refers to a misspelling of U.S. President Joe Biden’s name. On May 9, BODEN experienced only a minimal increase of 1%. However, I was surprised to find that its value surged as much as 22% on March 8, following remarks made by former President Trump.
During the NFT dinner I hosted for my digital collectibles supporters at Mar-a-Lago in Palm Beach, Florida on May 8th, I shared my insights.
When asked whether his campaign would accept crypto donations, he answered,
”Can we donate to the Trump campaign using crypto? I believe the answer is yes. If you can’t, I’ll make sure you can.”
As a crypto industry analyst, I can tell you that during his recent remarks, former President Trump expressed his opposition to the current U.S. administration, specifically led by President Joe Biden, regarding their stance on cryptocurrencies. He made it clear to his audience that he personally supports the crypto sector.
“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”
According to CryptoMoon’s report, memecoins experienced significant growth in 2024 and emerged as the most lucrative trend during the first quarter.
Pseudonymous user Crypto Koryo claims that there were a record-breaking 138 ERC-20 memecoins listed on CoinMarketCap in April 2024, marking a significant surge of 666% compared to the 18 memecoins listed the previous year in April 2023.
The analyst said,
“The number of memecoin erc-20 tokens is going parabolic in 2024. Last month, 138 new memecoins registered on CoinMarketCap, compared to 18 in April 2023.“
“Crypto Koryo noted that the figure might be significantly greater, considering that just a tenth of all existing tokens are accounted for on CoinMarketCap’s list.”
Over 2,230 memecoins were available on CoinMarketCap at the time of publication, accumulating a total market capitalization of approximately $52,325 and representing around 2.15% of the entire crypto market’s worth.
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2024-05-10 00:30