On August 23, according to HTX market data, U.S. presidential candidate-themed coins continued to rise steadily.

Of which: TRUMP rose more than 22.4% over 24 hours, breaking through $2.9; MELANIA rose more than 10.53% over 24 hours, with its market cap surpassing $117 million.

TRUMP logged double-digit gains for three consecutive days: it jumped more than 35% on August 22, and continued to rise more than 22% on August 23, breaking through $2.9.

MELANIA followed suit, rising more than 10%, with its market cap returning to $117 million.

A continuous push higher, along with synchronized gains from WLFI, means this is no longer just a simple rotation of meme sentiment—it’s a collective repricing around a narrative tied to Trump’s political cycle (the election is approaching).

A noteworthy detail is in the liquidity structure: in March 2025, MELANIA’s trading volume was only 1.4% of TRUMP’s—liquidity across the two major assets has long been on entirely different scales.

But during this round of uptrend, MELANIA still maintained about half of TRUMP’s upside, indicating that capital is not being diverted elsewhere; rather, the same batch of funds is being duplicated within the president-themed sector—this looks more like a “political gesture trade” than an endorsement of the meme’s fundamentals.

That whale who previously lost $15.68 million on TRUMP has rebuilt its position again at the $3.17 price level, and is currently up by $2.72 million.

The same group of old money is using the political cycle to refill positions. Control of this market move is still in the hands of a few addresses.

As we see the pace of political-gesture trading, I’m a bit looking forward to the advancement of the crypto bill in mid-September. If it can really pass smoothly, then a full bull market would truly kick off.