Trump wildly attracts votes in the cryptocurrency circle, and many political meme coins skyrocket
The 2024 US election will be held in November, but candidates have already started campaigning and canvassing. Donald Trump, who has openly criticized Bitcoin in the past, has been wildly attracting votes from the cryptocurrency community in this election, and related meme coins have soared 78% in one day, bringing some relief to the market that is stuck in consolidation. Stimulate.
On May 8, U.S. time, Trump received a group of NFT enthusiasts at his home in Florida. These attendees were all holders of the NFT "Mugshots" issued by Trump. He told the guests that his project would "make NFTs popular again" at a time when the NFT market has lost momentum, prompting cheers from the audience.
In addition, he also criticized the current US President Joe Biden for not understanding cryptocurrency at all, and solicited votes from people in the audience: "If you like cryptocurrency, then you'd better vote for Trump."
💡Extended reading: Trump Coin surged 749% in one month! Ups and downs can even predict election results. What is "PoliFi" that connects politics and finance?
Trump’s meme coin $TRUMP soared 78% in one day, and Biden’s and John F. Kennedy’s coins also rose
After the video of Trump’s speech was released, related videos went viral on Twitter on May 9, and the “meme currency track” in the cryptocurrency market quickly caught up with the trend.
According to "Cointelegraph", a meme coin called MAGA ($TRUMP) quickly surged 78% that day, reaching a high of $6.72 as of May 10, but fell back to $5.84 at the time of writing, fluctuating Quite drastic.
The word MAGA comes from Trump's famous saying: "Make America Great Again", but it is not a cryptocurrency issued by Trump himself. It is a meme currency issued by an anonymous person or team in the currency community. , and has no practical value.
In addition to MAGA ($TRUMP), Donal Tremp ($TREMP) has also surged 136% in the past 24 hours, and it has matched the unofficial meme currency Independence Token ($RFKJ) of another presidential candidate "Jr. Kennedy" , also rose 24.4% at the same time.
In addition, because Trump mentioned Biden in his speech, the Biden-related meme coin $BODEN (Biden was deliberately misspelled) also rose by 22% on May 8. It can be said that there are several things related to the American candidate. Political meme coins all benefited from Trump’s speech.
Ranking of the cryptocurrencies with the largest gains on May 9, U.S. time
Investing in meme coins carries huge risks
While the gains in these political meme coins are staggering, the investment risks behind them are also quite high. Meme coins usually do not reveal the management team behind them and can be issued quickly. Therefore, as long as you know how to ride on the popularity and promote it in the community, or even conduct a left-hand-for-right-hand transaction, it is easy to push a worthless cryptocurrency to new highs.
Kyle, the author of "Metaverse Day Explosion", once pointed out that most meme coins are dead, but there are still Dogecoin ($DOGE) and Shiba Inu Coin ($SHIB) with a certain market value, which are all left after the big wave washed away the sand. There are very few meme coins whose value is mainly supported by community consensus.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: CryptoCity
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