The Trump-themed MAGA memecoin has been rallied after his pro-crypto comments
Trumpet-themed memecoin MAGA (TRUMP) surged 78 percent on May 9 following Republican presidential candidate Donald Trump's comments on cryptocurrencies.
According to data from Cointelegraph Markets Pro and TradingView, MAGA is trading at $6, up 46% in the last 24 hours.
With its 24-hour trading volume jumping 620% to land at $281.8 million and a market cap of $281.8 million, TRUMP is ranked 248 on CoinGecko. At the time of publication, the token was the 13th largest memecoin by market capitalization.
MAGA refers to the political slogan popularized by Trump – “Make America Great Again.”
Other politically-related tokens led by Donald Trump (TREMP) have tripled their gains, up 136% in the past 24 hours. Independence Token (RFKJ)—a token issued to support Robert F. Kennedy Jr.'s presidential campaign—is up 24.4% over the same period.
Although BODEN, a memecoin that represents a misspelling of US President Joe Biden's name, rose only 1% on May 9, it was up 22% on March 8 after Trump's comments.
On May 8, Trump spoke during an NFT dinner for his digital audience at the Mar-a-Lago resort in Palm Beach, Florida.
When asked if the campaign will accept crypto donations,
Can we donate to the Trump campaign using crypto? I believe the answer is yes. If you can't, I assure you that you can.”
On the crypto industry, Trump confirmed to the audience that he is pro-crypto, saying that US President Joe Biden and his administration oppose the industry:
“i am fine. I want to make sure it's good and strong and everything. But I'm good. And if you like crypto in any form (and it comes in many forms), you better vote for Trump if you support crypto.
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As reported by Cointelegraph, memecoins have grown significantly in 2024 and become the most profitable narrative in Q1.
According to Anonymous X user cryptocore, CoinMarketCap listed a record 138 erc-20 memecoins in April 2024.
The analyst:
“The number of memecoin erc-20 tokens is going parabolic in 2024. Last month, 138 new memecoins were listed on CoinMarketCap, compared to 18 in April 2023.”
“CoinMarketCap only lists 10% of all tokens, so the number could be much higher,” added CryptoCoryo.
At the time of publication, more than 2,230 memecoins are listed on CoinMarketCap, boasting a market capitalization of over $52,325, or 2.15% of the global crypto market cap.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
