Memecoins
Trump’s pro-crypto comments push Memecoins to new heights
Memecoins linked to former US President Donald Trump and celebrity Caitlyn Jenner surged on Monday following Trump’s endorsement of the cryptocurrency over the weekend.
Newly minted tokens such as MAGA on Ethereum and JENNER on Solana have seen dramatic price increases, with JENNER rising 500x in the last 24 hours.
The meteoric rise of the MAGA token
The MAGA token, named after Trump’s “Make America Great Again” slogan, launched less than two weeks ago and is up 150% in the past 24 hours. Its market value peaked at $300 million on Monday, with trading volume of more than $74 million. Variants of the MAGA and TRUMP tokens on Solana are also launched on other blockchains, generating millions of trading volumes.
JENNER Token controversy
The JENNER token, associated with Caitlyn Jenner, has seen trading volume of nearly $200 million in the past 24 hours. However, there is skepticism regarding the token’s connection to the real Caitlyn Jenner, despite confirmations from her on her social media accounts. Jenner did not respond to requests for comment, but warned on social media that not all cryptocurrency investments are right for everyone and that there are inherent risks, including potential loss of value.
Trump’s influence
Trump’s recent comments have significantly influenced the demonstration of memecoins. Speaking at the Libertarian National Convention on Saturday, he pledged to protect self-custodial rights for cryptocurrency owners and opposed the creation of a central bank digital currency. His move from a previously negative stance on cryptocurrencies to a supportive position has energized the memecoin market.
Political memecoins
As the US presidential election approaches, political memecoins have become more popular. Tokens referencing political figures such as US President Joe Biden and Federal Reserve Chair Jerome Powell were launched earlier this year. On Monday, the major political memecoins saw mixed results: Jeo Boden fell 6%, while Doland Tremp gained over 15%.
Controversies and speculations
Memecoin speculation has its critics, especially regarding tokens with offensive tickers that promote racist and sexist ideas. Many of these tokens, particularly on Solana, launched earlier this year and have attracted significant criticism.
Featured image: Freepik