Trump-themed memecoin MAGA (TRUMP) soared 78% on May 9 following Republican presidential candidate Donald Trump’s comments about cryptocurrencies.
MAGA is trading at $6, up 46% in the last 24 hours, according to data from Cointelegraph Markets Pro and TradingView.
24-hour trading volume increased 620% to $281.8 million, and with a market capitalization of $281.8 million, TRUMP ranked 248th on CoinGecko. At the time of publication, the token was the 13th largest memecoin by market capitalization.
MAGA refers to “Make America Great Again,” a political slogan popularized by President Trump.
Other politically connected tokens also rallied on May 9, led by Donal Tremp (TREMP), which tripled by 136% in the last 24 hours. Independence Token (RFKJ), a token meant to support the presidency of Robert F. Kennedy Jr., rose 24.4% over the same period.
BODEN, a meme coin that misspelled US President Joe Biden’s name, rose only 1% on May 9, but surged 22% on March 8 after Trump’s remarks.
On May 8, Trump was speaking at an NFT dinner hosted for owners of digital collectibles at his Mar-a-Lago resort in Palm Beach, Florida.
When asked if his campaign would accept cryptocurrency donations, he responded:
“Can I donate to the Trump campaign using cryptocurrency? I believe the answer is yes. If you can’t, I’ll make sure you can.”
In the cryptocurrency industry, Trump assured attendees that he supports cryptocurrencies while claiming that incumbent US President Joe Biden and his administration are against the industry.
“I’m fine. I want to make sure it’s nice and sturdy and everything else is there. But I’m fine. And if you like cryptocurrency in any form (it comes in many forms), if you like cryptocurrency, you better vote for Trump.”
Related: Sell Memecoins as Bitcoin Price Takes Spotlight — Is Meme Season Over?
As Cointelegraph reported, Memecoin has grown tremendously in 2024, making it the most profitable story of the first quarter.
According to anonymous
analyst said,
“The number of memecoin ERC-20 tokens will go parabolic in 2024. Last month, 138 new memecoins were registered on CoinMarketCap, compared to 18 in April 2023.”
“That number could be much higher, as CoinMarketCap reportedly lists only 10% of all tokens,” Crypto Koryo added.
At the time of publication, there are over 2,230 memecoins listed on CoinMarketCap, with a total market capitalization of over $52,325, accounting for 2.15% of the global cryptocurrency market value.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.