Trump-themed MAGA memecoin rallies after his pro-crypto comments

Trump-themed memecoin MAGA (TRUMP) surged as much as 78% on May 9 following Republican presidential candidate Donald Trump’s comments on cryptocurrencies.

Data from Cointelegraph Markets Pro and TradingView shows MAGA trading at $6, up 46% over the last 24 hours.

Its 24-hour trading volume has jumped 620% to rest at $281.8 million, and with a market cap of $281.8 million, TRUMP is ranked at position 248 at CoinGecko. At the time of publication, the token was the 13th largest memecoin by market capitalization.

MAGA refers to a political slogan popularized by Trump – “Make America Great Again.”

Other politically linked tokens also rallied on May 9, led by Donal Tremp (TREMP), which recorded triple gains, climbing 136% over the last 24 hours. Independence Token (RFKJ)—a token dedicated to supporting Robert F. Kennedy Jr.’s journey to the presidency—was up 24.4% over the same period.

Although Joe Boden (BODEN), a memecoin referring to a misspelling of U.S. President Joe Biden’s name, was only 1% up on May 9, it rallied as much as 22% on March 8 after Trump’s remarks.

On May 8, Trump was speaking during an NFT dinner he hosted for his digital collectibles holders at the Mar-a-Lago resort in Palm Beach, Florida.

When asked whether his campaign would accept crypto donations, he answered,

”Can we donate to the Trump campaign using crypto? I believe the answer is yes. If you can’t, I’ll make sure you can.”

On the crypto industry, Trump claimed the sitting U.S. President Joe Biden and his administration are against the industry, assuring the attendees that he was pro-crypto:

“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”

Related: Memecoins sell-off as Bitcoin price takes the spotlight — Is meme season over?

As reported by Cointelegraph, memecoins have grown tremendously in 2024 to become the most profitable narrative in Q1.

According to pseudonymous X user Crypto Koryo, CoinMarketCap listed a record 138 erc-20 memecoins in April 2024, extending the parabolic rise of 666% from April 2023’s tally of just 18.

The analyst said ,

“The number of memecoin erc-20 tokens is going parabolic in 2024. Last month, 138 new memecoins registered on CoinMarketCap, compared to 18 in April 2023.“

“The number could be much higher, as CoinMarketCap reportedly lists only 10% of all tokens,” Crypto Koryo added.

At the time of publication, more than 2,230 memecoins were listed on CoinMarketCap, boasting a combined market capitalization of over $52,325, making up 2.15% of the global crypto market value.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.