Memecoins
Donald Trump’s comments on cryptocurrencies cause huge pumps in these meme coins
TL;DR
- Donald Trump now supports cryptocurrencies, reversing his previous skepticism and promoting himself as a pro-crypto candidate in contrast to Joe Biden, who he claims opposes the sector.
- The meme coin BODEN, linked to Joe Biden, rose 40%, while MAGA, associated with Trump’s slogan, rose 60%.
BODEN and MAGA Green Flash
There are only a few months left until the elections for the next American president, and the main candidates have already started shooting at each other. The latest clash was caused by Republican candidate Donald Trump.
Interestingly, he touched on cryptocurrencies, claiming that his opponent – Joe Biden – and members of his cabinet are against the sector. On the contrary, Trump insured it is the right choice for those who are in favor of the asset class:
“I’m fine with that. I want to make sure it’s good and solid and all that. But I’m fine with that. And if you like cryptocurrencies in any form (and they come in a lot of different forms), if you’re pro cryptocurrencies, would you better to vote for Trump.”
The billionaire was also asked his opinion on a meme coin, BODEN, whose market capitalization has reached $250 million and depicts President Joe Biden. Trump said “that’s a lot of money for a coin,” adding that he has no appetite for such an investment.
Despite its negative opinion, the price of BODEN has increased significantly in the last few hours. It increased by 40%, reaching as high as $0.42 before falling back to the current level of $0.35 (according to data from CoinGecko).
BODEN price, Source: CoinGecko
The meme coin with the ticker MAGA (standing for the political slogan popularized by Trump – “Make America Great Again”) exploded even more impressively. Its price briefly surpassed the $7 mark, up 60%.
Trump’s U-turn
It is worth mentioning that Donald Trump has not been very supportive of the cryptocurrency industry in the past. A few years ago, he called Bitcoin (BTC) “a scam,” adding that he didn’t like it because “it’s another currency that competes against the dollar.” He started to soften his tone earlier this year, stating can “coexist” with the digital asset:
“You’ll probably have to do some regulation, as you know. But a lot of people are embracing it, and more and more, I see people wanting to pay for “bitcoin” and you’re seeing something interesting. So I can live with it one way or another.
Trump has also jumped on the NFT bandwagon, releasing a collection of digital art depicting him in superhero style. Like CryptoPotato reportedthe value of non-fungible tokens increased significantly following the American’s arrest in April last year and his interview with Tucker Carlson a few months later.