Trump-Themed Memecoins Surge as Rumors Swirl About Potential Changes in the U.S. Presidential Race
- 王林Original
- 2024-08-23 21:36:111087browse
Memecoins inspired by former President Donald Trump saw a surge of up to 40% in value, with the largest Trump-themed token, MAGA (TRUMP), experiencing a particularly notable increase.
Trump-themed cryptocurrency tokens experienced a surge in value on Monday, following rumors regarding Independent presidential candidate Robert F. Kennedy Jr.'s potential withdrawal from the race and a possible endorsement of former President Donald Trump.
According to Polymarket’s 2024 Presidential Election Forecast, Trump's chances of winning the election are now at 51%, putting him ahead of his main rival. This shift in the political odds appears to have driven investor interest in Trump-related cryptocurrencies.
The surge in Trump-themed tokens also follows the former president's recent endorsement of a soon-to-launch cryptocurrency platform called "The DeFiant Ones."
In his endorsement, Trump stated, "For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand — together." This pro-crypto stance marks a shift from his earlier skepticism towards digital currencies.
The largest Trump-themed cryptocurrency token, MAGA (TRUMP), experienced a surge in value, rising by 40% to reach $3.7. The token had been trading below the $3 support zone following the August market crashes.
Other Trump-inspired tokens, such as Super Trump (STRUMP) and Trump Mania (TMANIA), also saw notable increases of 10% and 8% respectively. The broader category of political-themed tokens, known as PolitiFi, surged by 15.5% in the same period.
Despite this recent surge, the overall market cap of political-themed tokens has seen a significant decline. The combined market cap of these tokens currently stands at just over $591 million, down from previous highs.
Crypto analyst Murad Mahmudov predicts that "cult meme coins" will continue to outperform other crypto sectors until the end of the market cycle.
Mahmudov noted that the combined market capitalization of the top 20 meme coins, excluding some of the largest ones like Dogecoin (DOGE) and Shiba Inu (SHIB), is currently around $8 billion.
1/16 Why Cult Memecoins will continue to outperform everything until the end of the Cycle
Every Crypto "Altcoin" Cycle has a few core Narratives that dominate the cycle.
2016-2017: Ethereum, Altcoins and ICOs
2020-2021: Alt-L1s, DeFi, GameFi, NFTs
2024-2025: Memes, AI, RWA pic.twitter.com/6RKPFPM42O
— Murad (@MustStopMurad) August 22, 2024
The surge in Trump-themed tokens comes as Bitcoin, the largest cryptocurrency by market capitalization, holds steady above $60,000.
Historically, meme coins tend to perform well when Bitcoin is in an uptrend. Some factors that could contribute to pushing Bitcoin higher include potential Federal Reserve rate cuts, a weaker US dollar, and the ongoing stock market rally.
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