Pro-crypto comments from Trump propel MAGA memecoin to new heights

Despite the overall subdued performance of the cryptocurrency market, politically themed meme coins are making a splash with impressive double-digit gains

  • Published:
  • 10/05/2024 03:33 PM

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The rally in presidential election-related memecoins was sparked by Trump's announcement that cryptocurrencies could be accepted for campaign donations. Trump, who periodically makes headlines with his comments on the crypto industry, has once again stirred up significant attention with his latest statement.

MAGA Coin, inspired by the "Make America Great Again" slogan, has soared 25 times over year-to-date, marking the emergence of a potential new category of political finance cryptocurrencies, informally known as "Politi-Fi.” At the time of publication, it was the 13th largest memecoin by market capitalisation.

This trend highlights Trump's strategic connection with the growing cryptocurrency demographic in the U.S. Visual Capitalist report shows that in 2023, around 53 million Americans own cryptocurrencies, the highest number globally and the third-highest in terms of population share.

Since its debut on August 11, 2023, MAGA has skyrocketed by an incredible 35,211%. In comparison, BODEN, which launched on March 10, 2024, has recorded a 768% increase.

During a speech where he addressed several questions, Trump stated, "If you can't do it, I'll make sure you can." When asked whether donations to the Trump campaign could be made using cryptocurrency, he responded, "I believe the answer is yes."

MAGA Coin (CRYPTO: TRUMP) has experienced a 0.22% increase over the past 24 hours and a 25.43% rise since the start of the week. As of noon today, MAGA was trading at $5.8.  

This surge aligns with an increase in crypto-friendly comments from Trump, especially prominent at a recent NFT event. He strongly supported cryptocurrencies there, even declaring, "If you're in favour of crypto, you better vote for Trump."

Meanwhile, mentions of President Joe Biden increased amid worries about potentially strict crypto regulations. This negative sentiment affected Jeo Boden (BODEN/USD), a cryptocurrency parodying the incumbent president, which saw a 9.05% decline in the last 24 hours and a 25.50% decrease over the week.

On May 9, other politically affiliated tokens also experienced significant rallies, spearheaded by Donal Tremp (TREMP), which saw a 24.12% increase in the last week. Meanwhile, the Independence Token (RFKJ)—a token designed to support Robert F. Kennedy Jr.’s presidential campaign—recorded a 5.44% rise in the last 24 hours. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash