Trump-themed MAGA Coin Soars

The Trump-themed memecoin MAGA (TRUMP) surged by as much as 78% on May 9, following comments on cryptocurrencies by Republican presidential candidate Donald Trump.

Data from TradingView shows MAGA trading at $6, a 46% increase over the last 24 hours.

Its 24-hour trading volume skyrocketed by 620% to $281.8 million, and with a market cap of $281.8 million, TRUMP is ranked 248th on CoinGecko.

At the time of publication, the token was the 13th largest memecoin by market capitalization.

MAGA stands for "Make America Great Again," a political slogan popularized by Trump.

Other politically themed tokens also rallied on May 9, led by Donal Tremp (TREMP), which saw a 136% increase over the last 24 hours.

Independence Token (RFKJ), supporting Robert F. Kennedy Jr.’s presidential campaign, rose by 24.4% during the same period.

While Joe Boden (BODEN), a memecoin referencing a misspelling of U.S. President Joe Biden’s name, only increased by 1% on May 9, it surged by 22% on March 8 following Trump’s remarks.

On May 8, Trump spoke during an NFT dinner at the Mar-a-Lago resort in Palm Beach, Florida, for his digital collectibles holders.

When asked about accepting crypto donations for his campaign, he replied:

”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 crypto industry, Trump criticized President Joe Biden's administration, positioning himself as pro-crypto:

“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.”

Memecoins have seen significant growth in 2024, becoming the most profitable narrative in Q1.

According to pseudonymous X user Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 memecoins in April 2024, a 666% increase from April 2023’s total of 18.

The analyst noted:

“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.“

“The number could be much higher, as CoinMarketCap reportedly lists only 10% of all tokens,” Crypto Koryo added.

At the time of publication, over 2,230 memecoins were listed on CoinMarketCap, with a combined market capitalization of over $52.325 billion, making up 2.15% of the global crypto market value.

Sources:

https://cointelegraph.com/news/trump-themed-maga-memecoin-rallies-after-his-pro-crypto-comments

https://www.tradingview.com/symbols/TRUMPUSDT/?exchange=MEXC