So much for Donald Trump meme coins crashing.
MAGA (TRUMP) and other meme coins inspired by the former U.S. president plunged in price immediately after Thursday’s verdict, in which Trump was convicted of 34 felony counts in his “hush money” trial. But the slump was very short-lived.
In fact, the unofficial TRUMP token not only regained its brief losses, but the price of the Ethereum-based token rapidly shot up even higher than it was before the verdict announcement. And then it kept going, rising to hit a new all-time high of $16.84 per token late Thursday, per data from CoinGecko.
The token's price has nearly doubled over the last week, up more than 84% during that span and pushing its 30-day gains to 274% as of this writing.
He Went Viral for Asking Trump a Question—Did It Save Crypto in the US?
Unexpected moments can have surprising ripple effects. This was vividly illustrated when a pair of NFT builders from DeGods project creator DeLabs—founder Frank (aka Rohun Vora) and Chief of Staff Malcolm—visited Donald Trump’s Mar-a-Lago resort earlier this month for an event for Trump NFT holders, and went viral for asking the former president a crypto-related question. The exchange not only captivated online audiences, but has also convinced some industry observers that they helped influence...
At a current price of $15.26, down over 8% since the peak, TRUMP is currently the 131st most valuable cryptocurrency based on market cap, and the top politics-themed (or “PolitiFi”) coin by that metric. Meanwhile, the top Joe Biden-inspired coin, the intentionally misspelled “Jeo Boden,” is now down 10% over the past day to a price of $0.27.
The Trump-inspired token has surged in recent weeks thanks to an open embrace of cryptocurrency by the former president, who once had criticized Bitcoin but has since courted crypto natives.
Robert F. Kennedy Jr. ‘Delighted’ Trump Is Now Pro Bitcoin
Taking the stage moments after a New York jury delivered across-the-board guilty verdicts for former president Donald Trump, independent candidate for U.S. president, Robert F. Kennedy Jr. said they are both on the same page—at least as far as cryptocurrency is concerned. Asked about Trump's recent about-face on cryptocurrency, Kennedy said, “I'm delighted that he did that.” “More politicians, and [SEC chair] Gary Gensler also came out to do the ETF for Ethereum, and i think those are promising,...
In recent weeks, Trump has said that he’s “good with crypto” and that he would work—if elected to a second term—to improve regulations to keep crypto firms in the United States. He also began accepting cryptocurrency donations last week via top coins like Bitcoin, Ethereum, Solana, and Dogecoin.
Interestingly, a wallet tied to Trump—as identified by Arkham Intelligence—and his NFT projects holds almost 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 wallet to $13.1 million.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Edited by Ryan Ozawa.