tremp

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.

Crypto enthusiasts are buzzing as the KAMA token jumps 125%, reacting to rumors that President Joe Biden might exit the presidential race. The token, named after Vice President Kamala Harris, has seen significant volatility and interest.

KAMA Token’s Rapid Rise

KAMA is up 125% today, trading at $0.013, after peaking at $0.018. Speculation about Kamala Harris potentially replacing Biden after a poor debate performance against Donald Trump has fueled this surge. Over the past week, traders have driven KAMA up by 1,000%.

Market Reactions and Predictions

On Polymarket, bettors show increased support for Harris as election day approaches. With over $10.7 million wagered, 68% of traders believe Biden will drop out. Harris’s chances of becoming the Democratic nominee have risen to 39%, close to Biden’s 41%.

Despite this, Michelle Obama has only garnered 6% of trader bets. In the broader presidential race, Donald Trump leads with 61% of the $217 million staked, while Harris holds a 16% chance, and Biden 13%.

Political Memecoins on the Rise

Political memecoins are gaining popularity this election year. Jeo Boden, a satirical token of Joe Biden, has plummeted 25% today to $0.03, down 85% this month. Meanwhile, Donald Trump’s DJT token, allegedly created by Martin Shkreli and Barron Trump, faced rumors quashed by on-chain sleuth ZachXBT. Shkreli was revealed as the creator, earning a $150,000 bounty from Arkham Intelligence.