Donald Trump’s pro-crypto endorsement helped meme coins pump this week
- Mentions of Donald Trump across crypto-related social media soared this week after public declaration to support meme coins.
- Market capitalization of meme coin top 50 soared by 10% this week as sector’s speculative assets record May rebound.
- MAGA Trump and Jeo Boden stood out, with BODEN trending as traders fear anti-crypto policies of current US President.
Meme coins, popular for their speculative nature, have had a good week as cryptocurrency took center stage in the ongoing US Election campaigns. Between Democrats, led by President Joe Biden, and Republicans, led by former President Donald Trump, digital assets displayed heightened volatility with traders enjoying the sector as a global shill for speculative liquidity.
Also Read: Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
Donald Trump surges in discussions on crypto social media
President Donald Trump made crypto the highlight of his presidential campaign this week while speaking at an event for Trump non-fungible token (NFT) holders at his Mar-a-Lago resort on Wednesday.
He publicly demonstrated support for cryptocurrencies. Specifically, he opposed the hostility that US regulators have shown toward crypto, saying it was pushing crypto businesses out of the US.
BREAKING JUST IN:
— Kevin Svenson (@KevinSvenson_) May 9, 2024
Donald Trump addresses his stance on #Crypto
"I'm good with it" - Trump
(2 clips ) ️#Bitcoin #BTC $BTC pic.twitter.com/9J9nzJScBq
Trump said, "We'll stop it because I don't want that," adding "If we're going to embrace it, we have to let them be here." Trump also urged anyone who favors crypto to vote for him.
He took jabs at Jeo Boden (BODEN) a meme coin the pokes fun at President Joe Biden. His attack on the value of this coin saw it skyrocket to the day’s top gainers.
Amid the hype about this showdown, and his general show of support for Bitcoin and digital assets, mentions of Donald Trump across crypto-related social media soared. Specifically, meme coins that he inspires, including Super Trump (STRUMP), soared, data from Santiment shows.
Much of the attribution to these latest #memecoin rises are going to #DonaldTrump and his pro-#crypto endorsements. As shown, mentions of #Trump soared near the #cryptocurrency local bottom, along with #Biden, who traders fear anti-crypto policies. https://t.co/YlPLTa048q pic.twitter.com/tA5xWiINTh
— Santiment (@santimentfeed) May 10, 2024
Besides a surge in social media mentions, top 50 meme coins recorded a 10% increase in market capitalization. Among them, MAGA Trump (MAGATRUMP), Turbo (TURBO), Ponke (PONKE), and Solana-based Myro (MYRO) enjoyed a rebound while the broader market struggled when Bitcoin price slipped below $63,000.
The top 50 #memecoins have collectively grown their market caps by +10% in the past week as #crypto and speculative #altcoins have enjoyed this May rebound. Top 24-hour performers include:
— Santiment (@santimentfeed) May 9, 2024
@magacoincrypto $TRUMP +50%
@turbotoadtoken $TURBO +38%
@ponkesol $PONKE… pic.twitter.com/ddjFv6XzAr
A Solana-based meme coin Doland Tremp (TREMP) posted over 100% gains on Thursday. For Jeo Boden, the adage “any publicity is good publicity" held true as BODEN soared 25% despite Trump’s attacks on President Biden.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
