Memecoins
Trump and Biden’s Memecoins Rise Amid Buzz Over Crypto Donations
In the last 24 hours, memecoins inspired by former and current US presidents Donald Trump and Joe Biden have seen a huge increase in value. The Trump-inspired memecoin, called MAGA (TRUMP), is up a whopping 44% while Jeo Boden (BODEN), a funny version of Joe Biden’s name, is up more than 22% and the Trump fun-related memecoin , Doland Tremp, soared. 142%.
Analysts at Wintermute say that there has been a very rapid movement in the world of memecoins, which has led to a large increase in their value in the last week.
The reason behind this memecoin boom? Well, it looks like Trump’s recent comments have a lot to do with it. He said he is open to accept cryptocurrency donations for his campaign.
Trump it seemed enthusiastic about the idea, saying, “If you can’t, I’ll make sure you can. Can we donate to the Trump campaign using cryptocurrencies? I think the answer is yes.”
According to CoinGecko, the top three memecoins are that earned the most notable in the last 24 hours are Doland Tremp (up 142%) currently priced at $0.67, while MAGA (up 44%) currently at $5.86 and Joe Boden (up 22% ) currently at $0.3574.
Image Source: CoinGecko (Boden’s price chart in the last 24 hours)
Read also: President Biden is set to veto changes to cryptocurrency custody rules
Jeo Boden, a funny version of Joe Biden’s name, 24-hour trading volume is up 41.31% worth $34.56 million, while market cap is $247.83 million .
According to the data, the market capitalization is currently valued at $248.69 million and its 24-hour trading volume stands at nearly $17 million, up 454%.
Doland Tremp’s 24-hour trading volume increased by a staggering 950% to a value of $38.33 million with a market capitalization of $66.68 million.
Meanwhile, prices of larger cryptocurrencies such as Bitcoin and Ether have fallen slightly over the past day.
Could the surge in value of memecoins, particularly MAGA, Boden and Doland Tremp, be attributed to Trump’s openness to cryptocurrency donations for his campaign? With Doland Tremp up 142%, MAGA up 44% and Boden up 22%, is this boom sustainable or indicative of a speculative bubble?