Doland Tremp (TREMP) and Super Trump (STRUMP) Bounce Back as Cryptocurrencies Stabilize
- WBOYOriginal
- 2024-06-26 15:13:53959browse
STRUMProse by over 18% to $0.01538** while TREMP jumped by over **23%** to **$0.8015.
TREMP prices soared on Wednesday as the cryptocurrency market had a stellar session. The Doland Tremp token price rose by more than 23% and was trading at $0.8015. This brought its total market capitalization to more than $780 million, making it the 141st biggest coin overall.
The Doland Tremp token is a memecoin that was created in the aftermath of the 2020 US presidential election. It is designed to support Donald Trump and his policies, and it joins a slew of other memecoins that are created to support politicians, events, and even dog breeds.
Like other memecoins, TREMP has had a strong performance in 2024. At the beginning of the year, it was trading at less than $0.15, meaning that it has jumped by more than 433%. This performance is mostly driven by the ongoing interest in memecoins and the fact that Trump is expected to run for presidency again.
Doland Tremp tokens soared on Wednesday, helped by the ongoing altcoin rally. Some of the other top performers were the likes of MagaHat (MAGA) Apu Apustaja (APU), MOTHER Iggy, and Ben the Dog.
Among the biggest gainers were also some of the memecoins created to support Donald Trump. The SuperTrump token jump happened in a high-volume environment, with the 24-hour volume soaring to over $4.4 million from the previous $2.9 million. MAGAHat’s volume jumped to over $111.5 million while Doland **Tremp** soared to more than $20 million.
The main catalyst was that Bitcoin recovered above $62,000 after crashing to $58,400 on Monday. In most cases, Bitcoin is usually the main driver for the performance of other altcoins, including memecoins.
Trump tokens are also soaring ahead of the upcoming debate between Donald Trump and Joe Biden that will happen on Thursday. With Biden being the incumbent, and with inflation being a problem, many analysts believe that Trump will win the debate.
Recent data also shows Trump was leading in the polls even though the numbers were a bit close. A poll by YouGov had Trump with 50% of the vote compared to Biden’s 49%. A separate one by Morning Consult had the two tied at 44%. More positive polls on Trump could push these PolitFi tokens like TREMP, STRUMP, and MAGAHat higher in the coming days.
Still, it is unclear whether these gains in the altcoin market will hold since this rebound could be part of a dead cat bounce. A dead cat bounce is a situation where investors buy a falling asset and then dump it within a few days. The risk of this bounce has been pronounced because Bitcoin has formed a double-top chart pattern, pointing to more downside in the coming days.
Further, there is a risk that the US will publish strong Personal Consumption Expenditure (PCE) data on Friday. This number, which is the Fed’s favourite inflation gauge, could have an impact on what the Fed does later this year. Signs of more hikes will likely push these tokens sharply lower.
In the immediate, however, analysts believe that MAGAHat, STremp, and STrump will do well ahead of the US election. This trend will accelerate, especially when polls show that Donald Trump will win the election.
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