Donald Trump-Related Meme Coins Soar as His Inauguration Approaches
TL;DR
- Meme coins like MAGA (TRUMP) and TRUMPCOIN have seen substantial growth, with the latter up 215% in 24 hours and 560% this week.
- Trump tokens outpaced traditional meme coins; DOGE rose 2%, while SHIB gained 3% in the past 24 hours.
These Tokens Head North
Donald Trump notched a remarkable victory in the US presidential elections in November last year. He swept all seven key swing states and also won the popular vote against his main opponent, Kamala Harris.
Trumps inauguration is set for January 20, after which he will officially become Americas 47th President. His stepping into office seems to have already caused substantial price fluctuations in some cryptocurrencies, more particularly meme coins related to him.
The biggest of that type (in terms of market capitalization) MAGA (TRUMP) is up 20% daily scale, currently trading at around $3.15 (per CoinGeckos data).
Super Trump (STRUMP), Super President Trump 47 (TRUMP 47), Moon Trump (TRUMP), trumpie (TRUMPIE), and many more have also charted double-digit gains.
However, the one outshining all Trump-themed memes is the lesser-known MAGA: Fight for Trump (TRUMPCOIN). Its price has exploded by 215% in the past 24 hours and a whopping 560% in the last week.
It is important to note that Trump-related meme coins were again pumping before the presidential elections. Nonetheless, many of them experienced a substantial correction shortly after the voting results. We have yet to see whether such a sell the news event will occur once Trump takes the oath on January 20.
How Are the Leaders Doing?
Trump-themed tokens have significantly outpaced some leading meme coins in the past 24 hours. The largest in terms of market capitalization Dogecoin (DOGE) is up 2% daily and is currently worth approximately $0.39.
Meanwhile, some industry participants believe it could soon experience a major rally considering Elon Musks involvement in politics. Teslas CEO is set to spearhead a newly established division called Department of Government Efficiency (D.O.G.E.).
The agency will aim to reduce bureaucracy, cut unnecessary regulations, and eliminate wasteful spending within the US government. Its name and the fact that Musk is one of the most vocal proponents of the meme coin, though, have infused enthusiasm among DOGE bulls.
Dogecoins biggest rival, Shiba Inu (SHIB), has risen by 3%, while Pepe (PEPE) has registered little-to-no volatility in the last day.
Those witnessing some retreats in the past 24 hours include Bonk Inu (BONK), dogwifhat (WIF), Fartcoin (FARTCOIN), Peanut the Squirrel (PNUT), and others.
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