Donald Trump has officially announced his attendance at the upcoming Bitcoin conference, creating a significant impact on Trump-themed meme coins.
Political Shift and Crypto Influence
Trump, previously unsupportive of the crypto industry during his presidency, has now branded himself the “Crypto President.” This shift is seen as a political tactic, especially since President Biden is against the concept of cryptocurrency. Trump’s active interest in crypto this year has reached new heights with his upcoming participation in the Bitcoin Conference at the end of the month. This news has sparked mixed reactions, but it has undoubtedly fueled the rise of Trump meme coins.
Surge in Trump-Themed Meme Coins
Trump’s growing popularity in the crypto world has led to an increase in Trump-themed meme coins. These coins have capitalized on his presence, offering profits to investors. However, beyond the hype and the association with the ex-president, these coins lack substantial use cases, limiting their long-term growth potential.
Performance of Trump Meme Coins
The announcement of Trump’s Bitcoin conference attendance on July 10th has caused most Trump meme coins to surge. Newly launched tokens like PEPE (TRUMP) have seen remarkable growth. Combining the hype of PEPE and Trump’s supporters, PEPE (TRUMP) surged by 138% in the last 24 hours, reaching a total increase of 1118% over the week. The token is valued at $0.000001507 with a market cap of $31.4 million, based on a self-claimed circulating supply of 21 trillion.
Popular Trump-themed meme coins, such as MAGA (MAGA) and MAGA (TRUMP), have also experienced significant gains. MAGA (MAGA), with the tagline “Make America Great Again,” supported by Trump’s followers, saw a 7% price increase in the last 24 hours, bringing its value to $0.0001771 and a market cap of $69,131,718. Meanwhile, MAGA (TRUMP) increased by 11% over the week, currently trading at $6.02 with a market cap of $264,954,980. However, this is still below its peak value of $17.52 in early June.
Final Thoughts
The political landscape has given a substantial boost to Trump meme coins, especially MAGA (TRUMP), which has surged over 2175% since the start of the year. However, the longevity of this growth remains uncertain due to intense competition in the meme coin market. The introduction of new competitors and shifting trends pose challenges. For now, all eyes are on Trump’s appearance at the Bitcoin Conference, where he will discuss regulations and developments in the crypto space.