Trump Wildly Pulls Cryptocurrency Votes, Multiple Political Meme Coins Soar
The 2024 US presidential election will take place in November, but the candidates have already begun their campaign and outreach activities. Donald Trump, who previously criticized Bitcoin publicly, is now wildly pulling in votes from the cryptocurrency community, leading to a sudden surge of meme coins and providing some excitement to the stagnant market.
On May 8th, Donald Trump hosted a group of NFT enthusiasts at his home in Florida. These attendees were holders of Trump’s NFT project called “Mugshots.” He told the guests that his project would “ignite the NFT market” at a time when it had lost momentum, causing cheers from the audience.
Furthermore, he taunted the current US President Joe Biden, claiming that he doesn’t understand cryptocurrency, and urged the audience to vote for him by saying, “If you like cryptocurrency, then you better vote for Trump.”
Further reading:
Trump Coin Surges 749% in One Month! Can Its Fluctuations Predict Election Results? What is “PoliFi,” Linking Politics and Finance?
Trump Meme Coin $TRUMP Surges 78%, Biden and Kennedy Coins Also Rise
After the video of Trump’s speech went viral on Twitter on May 9th, the “meme coin race” in the cryptocurrency market quickly caught up with the hype.
According to Cointelegraph, a meme coin named MAGA ($TRUMP) surged by 78% that day, reaching a high of $6.72 on May 10th before settling at $5.84 at the time of writing, showing significant volatility.
The term MAGA originates from Trump’s slogan, “Make America Great Again,” but it is not a cryptocurrency issued by Trump himself. It is a meme coin created by an anonymous individual or team in the crypto community, without any practical value.
In addition to MAGA ($TRUMP), Donal Tremp ($TREMP) also experienced a surge of 136% in the past 24 hours. Another meme coin, Independence Token ($RFKJ), which capitalized on another presidential candidate, “Little Kennedy,” also increased by 24.4% during the same period.
Moreover, due to Trump mentioning Biden in his speech, the Biden-related meme coin $BODEN (misspelling of Biden intentionally) also surged by 22% on May 8th. It can be said that several political meme coins related to US presidential candidates benefited from Trump’s speech.
On May 9th, the biggest gainers on the cryptocurrency market
Investing in meme coins carries significant risks
Although the surge in these political meme coins is impressive, the investment risks behind them are also high. Meme coins often do not disclose their operating teams and can be quickly created. Therefore, by riding on the trend, engaging in community marketing, or even conducting pump-and-dump schemes, it is easy to push a worthless cryptocurrency to new highs.
Kyle, the author of “Metaverse Daily Burst,” pointed out that most meme coins have died, and the remaining few with some market value, such as Dogecoin ($DOGE) and Shiba Inu Coin ($SHIB), are primarily supported by community consensus.
【Disclaimer】The market carries risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this article is at one’s own risk.
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