Memes with political themes outperform the cryptocurrency market, exhibiting double-digit gains.
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Following Republican presidential candidate Donald Trump’s remarks on cryptocurrencies on May 9, the Trump-themed memecoin MAGA (TRUMP) saw a 78% increase in value.
TRUMP is ranked 248 on CoinGecko with a market cap of $281.8 million.Its 24-hour trading volume has increased by 620% to $281.8 million. Based on market capitalization, the token ranked 13th among all memecoins at the time of publication.
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MAGA is a reference to the Trump-popularized political catchphrase, “Make America Great Again.”
On May 9, other tokens with political overtones saw a surge as well. Donal Tremp (TREMP), for example, saw triple gains over the previous day, rising 136%. Over the same time frame, the Independence Token (RFKJ), which is intended to aid Robert F. Kennedy Jr. in his presidential campaign, saw a 24.4% increase.
In response to Trump’s comments, Joe Boden (BODEN), a memecoin that plays on the misspelling of U.S. President Joe Biden’s name, saw a 22% increase in value on March 8 despite only being up 1% on May 9.
On May 8, Trump gave a speech at the Mar-a-Lago resort in Palm Beach, Florida, during an NFT dinner he hosted for the owners of his digital collectibles.
When questioned if cryptocurrency donations would be accepted for his campaign, he responded,
”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.”
Regarding the cryptocurrency market, Trump assured the guests that he was in favor of it, claiming that both the current administration of the United States and U.S. President Joe Biden are against it:
“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.”
In 2024, memecoins have surged to become the most lucrative trend of Q1. Pseudonymous X user Crypto Koryo reports that CoinMarketCap recorded an all-time high of 138 ERC-20 memecoins in April 2024, marking a staggering 567% increase from the 18 listed in April 2023, according to the analyst:
“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.“
According to reports, CoinMarketCap only includes 10% of all tokens, so the total could be much higher, said Crypto Koryo.
More than 2,230 memecoins with a combined market capitalization of over $52,325 were listed on CoinMarketCap at the time of publication, accounting for 2.15% of the value of the global cryptocurrency market.
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