Crypto Presidential Rally: TRUMP Skyrockets 36.2% and Overtakes BODEN
In a year filled with worldwide elections, the cryptocurrency industry is closely observing each candidate’s position on cryptocurrencies. The upcoming US presidential election has the potential to bring about significant regulatory changes and adoption that could impact the global industry as a whole.
Donald Trump, the former US president and Republican candidate, showed his support for the crypto industry on Wednesday, as well as criticizing Biden’s administration for their stance on digital assets. Following his statements, the price of MAGA (TRUMP), a memecoin inspired by Trump, surged by an astonishing 63% in just a few hours.
During a gathering at his Mar-a-Lago resort in Florida, Trump emphasized his disapproval of Biden’s administration and its unfriendly attitude towards the crypto sector. He expressed his desire to ensure that the industry becomes strong and successful. In fact, he claimed that voting for him would be the best choice for those in favor of cryptocurrencies:
“(…) I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.”
Trump went on to state that he acknowledges the exodus of crypto businesses from the US due to the current administration’s hostility, and he promised to halt this trend by implementing a more welcoming regulatory framework for the industry.
In contrast, he implied that Biden would lack knowledge on cryptocurrencies and suggested that the Democrats are against them.
Trump’s remarks had a significant impact on the prices of certain memecoins. Following his statements, Jeo Boden (BODEN), a memecoin inspired by Joe Biden, experienced a 23.5% surge in just one hour, going from $0.34 to $0.42. Although the price has since retraced to hover around the $0.35-$0.36 range, BODEN still saw a 15.1% increase in the past 24 hours.
Furthermore, BODEN experienced a notable surge in daily trading volume, with over $20 million being traded in the past day. However, the memecoin continues to display negative numbers in longer timeframes, with a 29.9% weekly decrease and a 59.8% monthly decrease.
As a result, TRUMP’s market capitalization of $252 million surpassed BODEN’s $239 million, making it the 14th largest memecoin by market capitalization according to CoinGecko data. TRUMP also won over crypto investors, with the token rallying by 63% after Trump’s statements. Although it retraced to the $5.3 level, TRUMP currently trades at $5.43, representing a 36.2% increase in the past 24 hours.
In conclusion, Trump’s support for the crypto industry has had a significant impact on memecoin prices, with TRUMP overtaking BODEN in both market capitalization and investor sentiment. The upcoming US presidential election could prove to be a pivotal moment for the cryptocurrency industry and its future direction.