The Fate of Trump-themed Coins Ahead of US Elections

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The Fate of Trump-themed Coins Ahead of US Elections – Crypto News

Published

2 years ago

May 30, 2024

Dripp

Trump-themed coins are driving the crypto market frenzy ahead of the United States Presidential elections. While a slew of meme coins modeled after the former US President is surging in price, others have lost steam following huge outflows as investor sentiment swings.

Wider meme coins are also performing in the market today although total market sentiment remains low. The meme coin market cap stands at $65.5 billion, a 5.3% decrease in the last 24 hours. Daily trading volumes also rose to $8.1 billion.

Trump-themed Coins To Soar

A cross-section of the cryptocurrency community tips Trump-themed coins to rise in value ahead of the United States elections. This is because of a pro-industry stance as well as positive comments on the sector. Recently, the former President expressed support for Bitcoin firms adding that the country has to be a global leader.

These developments coupled with the votes on pro-crypto bills in Congress have spurred a rise in these tokens. Bullish momentum sparked by projected rate cuts also led to more inflows to assets as institutional investors increased their appetite.

MAGA PEPE (MAGAPEPE), a Trump-themed coin is surging in the market with over 65% gains after posting 2436% gains in weeks. The asset also posted a 91% jump in trading volumes. These huge numbers reflect a growing demand for meme coins likened to the highs of Q1 2024. Similarly, Baby Trump’s price is up 55.4% in the last trading day with volumes above 121%. However, Trump-themed coins like MAGA and Super Trump plunged into the red zone.

MAGA trades at $13.34 declining 4% today coupled with a 50% drop in volumes.

Meme Coins Tipped For Growth

The meme coin frenzy in Q1 might be over but positive inflows are recorded as investors rally behind their favorite assets. This week, most assets remain in the green zone with some attempting to breach all-time highs. Dogwifhat is up 12% this week trading at $3.48 with similar assets moving in the same direction.

Also Read: 4 Solana Meme Coins With The Biggest Recoveries Today