Trump’s Crazy Push for Cryptocurrency Votes Sends Political Meme Coins Soaring
The 2024 US presidential election is set to take place in November, but candidates have already begun their campaigns and rallies. Donald Trump, who has previously criticized Bitcoin publicly, is now aggressively courting the cryptocurrency community for votes, causing meme coins to skyrocket by 78% in just one day and injecting some excitement into the stagnant market.
On May 8th, Trump hosted a group of NFT enthusiasts at his Florida home. These attendees were all holders of Trump’s NFT project called “Mugshots.” He excitedly announced to the crowd that his project would “ignite the NFT market once again” at a time when it had lost momentum, prompting cheers from the audience.
Furthermore, Trump taunted the current US President, Joe Biden, claiming that he has no understanding of cryptocurrency and urged the crowd to vote for him, saying, “If you like cryptocurrency, then you better cast your vote for Trump.”
After the video of Trump’s speech went viral on May 9th, related videos quickly spread on Twitter, and the “meme coin race” in the cryptocurrency market jumped on the bandwagon.
According to Cointelegraph, a meme coin called MAGA ($TRUMP) surged by 78% on that day, reaching a high of $6.72 on May 10th, before falling back to $5.84 at the time of writing. MAGA, derived from Trump’s famous slogan “Make America Great Again,” is not issued by Trump himself but by an anonymous individual or group in the crypto community, and it holds no practical value.
In addition to MAGA ($TRUMP), Donal Tremp ($TREMP) also surged by 136% in the past 24 hours, while Independence Token ($RFKJ), an unofficial meme coin based on another presidential candidate, Robert F. Kennedy Jr., rose by 24.4% during the same period.
Moreover, due to Trump’s mention of Biden in his speech, Biden-related meme coin $BODEN (intentionally misspelling Biden) also experienced a 22% surge on May 8th. It can be said that several political meme coins related to the US candidates benefited from Trump’s speech.
Investing in meme coins carries significant risks.
Although the surge in these political meme coins is astonishing, there is also a high level of investment risk involved. Meme coins typically do not disclose their operating teams and can be quickly launched. Therefore, it is easy to push a valueless cryptocurrency to new highs by riding on the hype, engaging in community marketing, or even conducting manipulative trades.
Kyle, the author of “Metaverse Daily,” has pointed out that most meme coins have died out, and the few that still have some market value, such as Dogecoin ($DOGE) and Shiba Inu Coin ($SHIB), are the survivors of the wave, primarily supported by community consensus.
[Disclaimer] The market carries risks, and investments should be made with caution. This article does not constitute investment advice, and users should consider whether any opinions, perspectives, or conclusions in this article are suitable for their specific circumstances. Investing based on this article is done at one’s own risk.
This article is authorized for reprinting from Cryptocity.
