U.S. presidential candidate Donald Trump set the tone for the November election, and his rare pro-cryptocurrency remarks spurred the MAGA political meme coin to soar from $4.3376 to $7.1926, an increase of more than 65%, and then retreated to $5.84 in the Asian market on Friday (May 10).
The MAGA meme coin is named after Make America Great Again, a reference to Trump's popular political slogan, "Make America Great Again."
Other politically-related meme coins also rose on Thursday, led by MAGA.
(Source: CoinMarketCap)
The standalone token RFKJ, a token dedicated to supporting the path of President Robert F. Kennedy Jr., rose 24.4% over the same period.
This is despite the fact that the Biden-related meme coin BODEN, a meme coin that is deliberately misspelled in the name of US President Joe Biden, recorded a gain of just 1% on Thursday.
On Wednesday, Trump spoke at a non-fungible token (NFT) dinner hosted by Mar-a-Lago in Palm Beach, Florida, for digital collectibles holders.
When asked if his campaign would accept cryptocurrency donations, he responded: "Can we use cryptocurrency to donate to the Trump campaign?" I believe the answer is yes. If you can't, I'll make sure you can. ”
(Source: Twitter)
"In the cryptocurrency industry, Trump claimed that Biden and his administration were against the industry and assured attendees that he was a supporter of cryptocurrency."
"I'm okay with that. I want to make sure it's good, sturdy, and everything else. ”
"But I'm happy with that."
"If you like any form of cryptocurrency, it comes in many different forms, and if you support cryptocurrency, you'd better vote for Trump."
CoinTelegraph reports that meme coins will see huge growth in 2024, becoming the most profitable narrative currency in Q1.
According to crypto analyst Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 meme coins in April 2024, up 666% from 18 in April 2023.
Koryo noted that the number of ERC-20 meme coins will grow parabolically in 2024.
(Source: Twitter)
"The number is likely to be much higher, as CoinMarketCap reportedly lists only 10% of all tokens," he added.
In total, there are more than 2,230 meme coins listed on CoinMarketCap, accounting for 2.15% of the global cryptocurrency market capitalization.