Memecoins
Trump Ethereum Meme Coin Price Hits New High After Post-Verdict Drop
So much for Donald Trump meme coins crashing.
MAGA (TRUMP) and other meme coins inspired by the former president of the United States dropped in price immediately following Thursday’s verdict, in which Trump was convicted of 34 felonies in his “silence” trial. But the crisis was short-lived.
In fact, the unofficial TRUMP token has not only regained its brief losses, but also the price of the EthereumThe token quickly rose even more than it was before the verdict was announced. And then it kept going, rising to a new all-time high of $16.84 per token last Thursday, according to data from CoinGecko.
The token’s price has nearly doubled in the past week, rising more than 84% during that period and pushing its 30-day gains to 274% as of this writing.
At its current price of $15.26, down more than 8% from its peak, TRUMP is currently the 131st most valuable cryptocurrency by market cap and the leading politically-themed cryptocurrency (or “PolitiFi”) currency according to that metric. Meanwhile, the main Joe Biden-inspired coin, the “Jeo Boden” intentionally misspelled it is now down 10% over the last day at a price of $0.27.
The Trump-inspired token has surged in recent weeks thanks to the former president’s open embrace of the cryptocurrency, which he had once criticized Bitcoin but has since courted cryptocurrency natives.
In recent weeks, Trump has said so He’s “good at cryptocurrencies” and that he would work, if elected to a second term, to improve regulations to keep crypto companies in the United States. He even started it accept cryptocurrency donations last week via top coins like Bitcoin, Ethereum, SolanaAND Dogemoneta.
Interestingly, a portfolio linked to Trump—as identified by Arkham Intelligence-and its NFT Projects holds nearly 580,000 TRUMP tokens, which were sent to the wallet last year. Those assets are now worth over $8.8 million at current prices, pushing the total value held by the portfolio to $13.1 million.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
By Ryan Ozawa.