Trump and Biden-inspired memecoins rally despite broader crypto pullback
Quick Take
- Memecoins inspired by Donald Trump and Joe Biden surged in the last 24 hours.
- This came after Trump announced intentions to accept crypto donations for his campaign.
Memecoins inspired by former and current U.S. presidents Donald Trump and Joe Biden have surged in the past 24 hours.
The Trump-inspired memecoin MAGA (ticker: TRUMP) rose by over 44% during this period, according to CoinGecko data. Meanwhile, Jeo Boden (ticker: BODEN), a misspelled reference to incumbent President Joe Biden, increased by more than 22%.
According to Wintermute analysts, "fast money is observed within the memecoin sector, which has led to sector out performance over the last 7 days."
The Block’s GMCI Meme index, comprising the leading memecoins by market capitalization, has rallied by nearly 9% in the past week.
Memecoins related to U.S. presidential candidates have rallied in the past 24 hours. Image: The Block.
RELATED INDICES
According to CoinGecko’s memecoin market capitalization category page, the top three memecoin gainers in the past 24 hours are Donald Tremp, which surged by 122%, MAGA, which increased by 44%, and Jeo Boden, which rose by 22%.
In contrast, bitcoin was trading at around $60,800 at the time of writing, having fallen by over 2.4% in the past 24 hours, according to The Block’s price page. The price of ether dipped by over 1.4% to around $2,950 in the same period.
Trump says he'll accept crypto campaign donations
The presidential election-related memecoin rally comes after Trump said on Wednesday that he’ll ensure cryptocurrency can be used for his campaign donations.
In multiple video clips uploaded to X by Frank Degods, a non-fungible token creator and influencer, Trump appeared to tell a group of buyers of his NFTs that he intends to accept campaign donations in crypto.
“If you can’t, I’ll make sure you can,” Trump said. “Can we donate to the Trump campaign using crypto? I believe the answer is yes.”
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