$MAGA Rallies Post Trump's Pro-crypto Remarks

On May 9, the Trump-themed memecoin MAGA (TRUMP) surged by as much as 78% following Republican presidential candidate Donald Trump’s comments on cryptocurrencies.

Trading at $6, up 46% over the last 24 hours, MAGA saw a 620% jump in trading volume, reaching $281.8 million, according to data from TradingView. With a market cap of $281.8 million, TRUMP is currently ranked 248th on CoinGecko and is the 13th largest memecoin by market capitalization.

MAGA, derived from Trump’s popular political slogan “Make America Great Again,” was not the only politically linked token that rallied. Donal Tremp (TREMP) recorded triple gains, climbing 136% over the last 24 hours. Independence Token (RFKJ), dedicated to supporting Robert F. Kennedy Jr.’s journey to the presidency, was up 24.4% over the same period. Joe Boden (BODEN), a memecoin referring to a misspelling of U.S. President Joe Biden’s name, saw a 1% increase on May 9 and rallied 22% on March 8 after Trump’s remarks.

During an NFT dinner he hosted at the Mar-a-Lago resort in Palm Beach, Florida, on May 8, Trump suggested that his campaign would accept crypto donations, stating, “Can we donate to the Trump campaign using crypto? I believe the answer is yes. If you can’t, I’ll make sure you can.”

He expressed support for the crypto industry, contrasting himself with the Biden administration, which he claimed is against it, saying, “If you like crypto in any form, if you are in favor of crypto, you better vote for Trump.”

In 2024, memecoins have become the most profitable narrative, with a record 138 new erc-20 memecoins.

Crypto Koryo, a pseudonymous analyst, noted that CoinMarketCap listed a record 138 ERC-20 memecoins in April 2024, marking a significant increase from the 18 listed in April 2023.

Koryo stated,

“The number of memecoin erc-20 tokens is going parabolic in 2024. Last month, 138 new memecoins registered on CoinMarketCap, compared to 18 in April 2023. “