Memecoins
Political Meme Coins Rise After Trump’s Libertarian Convention Speech
Former US President Donald Trump’s appearance at the Libertarian National Convention may have led to him being criticized and mocked, but it gave political meme coins a chance.
The Trump-themed MAGA Hat (MAGA) cryptocurrency is up more than 150% in the past 24 hours, while the MAGA (TRUMP) meme coin is up a more modest 12.7% overnight.
Interestingly, the ConstitutionDAO (PEOPLE) token also increased by 4.7%. Originally created as a governance token for a now defunct DAO that aimed to do so purchase a copy of the United States Constitution auctioned, it has now effectively become a politically themed meme coin, with no use after the project has “run its course”.
After Trump’s appearance at the Libertarian National Convention, which drew crowds several times whistles During his speech, the potential Republican candidate took to his social media platform Truth Social speaks the “enthusiasm” of the public.
During his speech, Trump promised to do so commute the sentence of Silk Road founder Ross Ulbricht if elected. Silk Road was a peer-to-peer darknet marketplace that used Bitcoin to facilitate the sale of drugs and other illicit materials; Ulbricht was sentenced to two life sentences without parole in 2015 for money laundering, fraud and drug charges.
This isn’t the first time Trump has reflected on Ulbricht’s situation; reportedly following his 2020 election defeat considered granting clemency to the Silk Road founder as part of a round of clemency ahead of Joe Biden’s inauguration in January 2021. In fact, he didn’t.
Trump attempted to position himself as a pro-crypto candidate during the speech, promising to end “Joe Biden’s crusade to crush cryptocurrencies” and prevent the creation of a U.S. central bank digital currency (CBDC).
By Stacy Elliott.