Memecoins linked to former US President Donald Trump and celebrity Caitlyn Jenner surged on Monday after Trump’s weekend endorsement of the cryptocurrency.
Newly minted tokens such as Ethereum’s MAGA and Solana’s JENNER have experienced dramatic price increases, with JENNER soaring 500x in the last 24 hours.
The rapid rise of MAGA tokens
The MAGA token, named after Trump’s “Make America Great Again” slogan, is less than two weeks old and is up 150% in the last 24 hours. On Monday, market capitalization peaked at $300 million, with trading volume exceeding $74 million. Solana’s MAGA and TRUMP token variants have also been launched on other blockchains, generating millions of dollars in trading volume.
JENNER token controversy
The JENNER token associated with Caitlyn Jenner has seen nearly $200 million in trading volume over the past 24 hours. But despite the support on her social media accounts, there is some skepticism about Token’s connection to the real Caitlyn Jenner. Jenner did not respond to her request for comment, but she took to social media to warn that not all cryptocurrency investments are suitable for everyone and that there are inherent risks, including potential loss of value.
Trump’s Influence
Trump’s recent comments had a huge impact on the memecoin rally. At the Liberal National Convention on Saturday, he pledged to protect the self-management rights of cryptocurrency owners and opposed the creation of central bank digital currencies. The shift from a previously negative stance on cryptocurrencies to a supportive one has energized the memecoin market.
political meme coin
As the U.S. presidential election approaches, political meme coins are becoming more widespread. Earlier this year, tokens referencing politicians such as US President Joe Biden and Federal Reserve Chairman Jerome Powell were launched. Major political memecoins had mixed results on Monday. Jeo Boden is down 6%, while Doland Tremp is up more than 15%.
controversy and speculation
Memecoin speculation has included criticism of the token with an offensive ticker, particularly promoting racist and sexist ideas. Some of those tokens, notably Solana, were launched earlier this year and received considerable criticism.
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