MAGA memecoin experiences surge in value following Trump’s favorable remarks on cryptocurrency

The Trump-themed memecoin, MAGA (TRUMP), experienced a significant surge of up to 78% on May 9 following comments made by Republican presidential candidate, Donald Trump, regarding cryptocurrencies. Data from Cointelegraph Markets Pro and TradingView reveals that MAGA was trading at $6, marking a 46% increase over the past 24 hours. The trading volume for MAGA within this period skyrocketed by 620%, reaching $281.8 million. With a market cap of $281.8 million, TRUMP is currently ranked at position 248 on CoinGecko’s list, making it the 13th largest memecoin by market capitalization.
The term MAGA is derived from a political slogan famously popularized by Trump, which stands for “Make America Great Again.” On May 9, several other politically affiliated tokens also experienced rallies. The most notable among them was Donal Tremp (TREMP), which saw triple gains, surging by 136% in the last 24 hours. Independence Token (RFKJ), a token dedicated to supporting Robert F. Kennedy Jr.’s journey to the presidency, also experienced a 24.4% increase during the same period.
Even though Joe Boden (BODEN), a memecoin that misspells U.S. President Joe Biden’s name, only saw a 1% increase on May 9, it previously rallied by as much as 22% on March 8 after Trump made his remarks. The former president made these comments during an NFT dinner hosted for his digital collectibles holders at the Mar-a-Lago resort in Palm Beach, Florida. When asked about accepting crypto donations for his campaign, Trump responded by claiming that President Joe Biden and his administration are against the crypto industry. However, Trump assured the attendees that he himself is pro-crypto.
Memecoins have shown tremendous growth in 2024, becoming the most profitable narrative in the first quarter, as reported by Cointelegraph. In April 2024, CoinMarketCap listed a record-breaking 138 erc-20 memecoins, marking a parabolic rise of 666% compared to the previous year’s tally of just 18. Crypto Koryo, a pseudonymous analyst, believes that the actual number of memecoins could be much higher, as CoinMarketCap allegedly only lists 10% of all tokens. Currently, there are over 2,230 memecoins listed on CoinMarketCap, boasting a combined market capitalization of over $52,325, which accounts for 2.15% of the global crypto market value.
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any investment or trading decisions, as all investments involve risks.