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Former United States President Donald Trump's appearance at the Libertarian National Convention may have been the subject of mockery and ridicule, but the political meme coin has been shot in the arm.
The Trump-themed MAGA hat (MAGA) cryptocurrency is up more than 150% in the past 24 hours, while the MAGA (TRUMP) meme coin is up 12.7% overnight.
Surprisingly, the ConstitutionDAO (PEOPLE) token rose by 4.7%. Created as a governance token for the now-defunct DAO, which sought to auction off a copy of the United States Constitution, and now a politically-focused meme coin, the project has no use after “running its course.”
Following Trump's appearance at the Libertarian National Convention, which saw the crowd booing repeatedly throughout his speech, the Republican front-runner took to his social media platform Truth Social to address the crowd's “eagerness.”
During his speech, Trump promised to commute the sentence of Silk Road founder Ross Ulbricht if elected. Silk Road was a peer-to-peer dark market that used Bitcoin to facilitate the sale of drugs and other illegal substances; In the year In 2015, Ulbricht was sentenced without trial to two life sentences on money laundering, racketeering and drug charges.
It's not the first time Trump has pondered Ulbricht's situation. In the year Following his defeat in the 2020 election, he is reportedly considering granting clemency to the Silk Road founder before Joe Biden's inauguration in January 2021. In the event, he did not.
During his speech, Trump tried to present himself as a pro-crypto candidate, promising to end Joe Biden's war to “crush crypto” and prevent the creation of a central bank digital currency (CBDC).
Edited by Stacy Elliott.
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