Trump Rallies Cryptocurrency Enthusiasts, Meme Coins Surge
The 2024 US presidential election is set to take place in November, but the candidates have already begun their campaign efforts. Donald Trump, who has previously criticized Bitcoin, is now rallying for votes from the cryptocurrency community, causing meme coins to skyrocket by 78% in a single day and injecting some excitement into the stagnant market.
On May 8th, Trump hosted a group of NFT enthusiasts at his home in Florida. These attendees were all holders of Trump’s NFT collection, “Mugshots.” He assured them that his project would “ignite the NFT market once again” at a time when it was losing momentum, which elicited cheers from the audience.
Furthermore, he taunted the current US president, Joe Biden, claiming that he had no understanding of cryptocurrencies. He urged the crowd to vote for him, saying, “If you’re a fan of cryptocurrencies, then you better vote for Trump.”
Following the release of a video of Trump’s speech, it quickly went viral on Twitter on May 9th, and the “meme coin race” in the cryptocurrency market swiftly followed suit.
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 dropping to $5.84 at the time of writing, exhibiting significant volatility.
The term “MAGA” originates from Trump’s slogan, “Make America Great Again,” but the cryptocurrency is not issued by Trump himself. It is a meme coin created by an anonymous individual or team within the cryptocurrency community and holds no practical value.
Aside from MAGA ($TRUMP), another meme coin called Donal Tremp ($TREMP) also surged by 136% in the past 24 hours, while Independence Token ($RFKJ), an unofficial meme coin associated with another presidential candidate, “Little Kennedy,” rose by 24.4% during the same period.
Additionally, due to Trump mentioning Biden in his speech, meme coins related to Biden, such as $BODEN (deliberately misspelling Biden), also experienced a 22% surge on May 8th. It can be said that these political meme coins, associated with US presidential candidates, benefited from Trump’s speech.
It is important to note that investing in meme coins carries significant risks. Meme coins usually do not disclose their operating teams and can be quickly launched. Therefore, it is easy to push a valueless cryptocurrency to new highs by riding the hype, engaging in community marketing, or even performing wash trading.
Kyle, the author of “The Metaverse Daily,” has previously stated that most meme coins have died out, and the few remaining ones, such as Dogecoin ($DOGE) and Shiba Inu Coin ($SHIB), have survived the test of time and are mainly 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. The responsibility lies with the individual when making investments.]
Article Source: 加密城市