Memecoins, inspired by current and former US presidents Donald Trump and Joe Biden, have soared over the past 24 hours.
Trump-inspired memecoin MAGA (ticker: TRUMP) is up more than 44% during this period, according to CoinGecko data. Meanwhile, GeoBoden (ticker: BODEN), which misspelled incumbent President Joe Biden, rose by more than 22%.
According to Wintermute analysts, “rapid fund flows have been observed within the memecoin sector, leading to sector outperformance over the past seven days.”
The Block’s GMCI Meme Index, comprised of leading meme coins by market capitalization, is up nearly 9% over the past week.
Memecoins linked to US presidential candidates have rallied over the past 24 hours. Image: Block.
According to CoinGecko’s Memecoin market cap category page, the top three memecoin market caps over the past 24 hours are Donald Tremp, up 122%, MAGA, up 44%, and Jeo Boden, up 22%.
By contrast, Bitcoin is trading around $60,800 at the time of this writing, according to The Block’s price page, and is down more than 2.4% in the past 24 hours. During the same period, the price of Ether fell more than 1.4% to around $2,950.
Trump says he will accept crypto campaign donations
The election-related memecoin rally comes after President Trump said Wednesday that he would ensure the cryptocurrency can be used for donations to his campaign.
In several videos Clip Uploaded by non-fungible token creator and influencer Frank Degods to his NFT He plans to accept campaign donations in cryptocurrency.
“If you can’t do it, I will make sure you can,” Trump said. “Can I donate to the Trump campaign using cryptocurrency? I believe the answer is yes.”
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