Despite the overall sluggishness of the crypto market, memecoins with political themes are making waves with gains exceeding double digits.
On May 9, the Trump-themed memecoin MAGA (TRUMP) shot up by a staggering 78%. This surge followed comments made by Republican presidential candidate Donald Trump regarding cryptocurrencies.
Political Memecoins Rally: MAGA Leads Surge
According to TradingView data, MAGA is currently trading at $6, marking a 46% increase in the last 24 hours. Its trading volume for the same period has surged by a whopping 620%, reaching $281.8 million. With a market capitalization matching its trading volume at $281.8 million, TRUMP holds the 248th position on CoinGecko. Interestingly, at the time of publication, MAGA stands as the 13th largest memecoin by market capitalization.
TRUMP/USD daily chart. Source: TradingView
MAGA, an acronym for “Make America Great Again,” derives its name from a political slogan popularized by Donald Trump.
Memecoins: Top gainers May 9. Source: CoinGecko
On May 9, other politically themed tokens also experienced significant rallies. Donal Tremp (TREMP) notably recorded triple-digit gains, surging by 136% in the last 24 hours. Additionally, Independence Token (RFKJ), dedicated to supporting Robert F. Kennedy Jr.’s presidential aspirations, saw a 24.4% increase over the same period.
Trump’s Remarks Influence Memecoin Performance
Although Joe Boden (BODEN), a memecoin inspired by a misspelling of U.S. President Joe Biden’s name, only experienced a modest 1% increase on May 9, it surged by as much as 22% on March 8 following Trump’s comments.
During an NFT dinner hosted for his digital collectible holders at the Mar-a-Lago resort in Palm Beach, Florida, on May 8, Trump made significant statements regarding crypto.
When questioned about the possibility of his campaign accepting crypto donations, Trump expressed his belief that it was indeed feasible. He assured attendees that if crypto donations were not currently accepted, he would ensure they could be.
Trump contrasted his stance on crypto with that of the current U.S. President Joe Biden and his administration, claiming they were against the industry. Trump reassured attendees of his pro-crypto stance, stating his support for crypto in various forms and encouraging support for him from crypto enthusiasts.
Memecoins Dominate Q1 2024
Explosive Growth in Memecoins: Memecoins have experienced remarkable growth in 2024, emerging as the most profitable narrative in the first quarter. According to Crypto Koryo, a pseudonymous user, CoinMarketCap recorded a staggering 138 erc-20 memecoins in April 2024. This marks a significant increase from April 2023, which saw only 18 such tokens, reflecting a parabolic rise of 666%.
Rapid Expansion and Listing Challenges: Crypto Koryo noted the exponential growth of memecoin erc-20 tokens in 2024, highlighting that CoinMarketCap lists just 10% of all tokens. This suggests that the actual number of memecoins could be much higher than the reported 138.
Number of memecoins listed on CoinMarketCap per month. Source: Crypto Koryo
Current Landscape and Market Share: As of the latest update, CoinMarketCap lists over 2,230 memecoins, collectively boasting a market capitalization exceeding $52,325. This substantial market share amounts to 2.15% of the global crypto market value, underscoring the significant presence and influence of memecoins in the cryptocurrency landscape.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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