Memecoin MAGA (TRUMP) following the former US president surged as much as 78% on May 9 following his comments on cryptocurrency.
Data from TradingView shows MAGA trading at $6, up 46% in the last 24 hours.
Its 24-hour volume increased 620% to stand at $281.8 million, and with a market Capital of $281.8 million, TRUMP is ranked 248 on CoinGecko. At the time of writing, the Token is the 13th largest memecoin by market Capital .
MAGA refers to a political slogan promoted by Trump – “Make America Great Again”.
Other politically relevant Token also surged on May 9, led by Donal Tremp (TREMP), which recorded a three-fold increase, up 136% in the past 24 hours. Independence Token (RFKJ)—a Token dedicated to supporting Robert F. Kennedy Jr.'s journey to the presidency. — increased 24.4% over the same period.
Although JOE Boden (BODEN), a memecoin referring to the misspelling of US President JOE Biden's name, was only up 1% on May 9, it jumped as much as 22% on March 8 after receiving Trump's review.
On May 8, Trump spoke at an Non-Fungible Token dinner he hosted for holders of his digital collectibles at the MaraLago resort in Palm Beach, Florida.
When asked if his campaign would accept cryptocurrency donations, Trump replied:
Can we donate to Trump's campaign with cryptocurrency? I believe the answer is yes. If you can't, I'll make sure you can.
Regarding the cryptocurrency industry, Trump claimed current US President JOE Biden and his administration are against the industry, assuring attendees that he supports cryptocurrencies.
According to user X Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 memecoins in April 2024, a 666% increase from just 18 in April 2023.
The analyst said :
The number of ERC-20 memecoin Token will go parabolic in 2024. Last month, 138 new memecoins were registered on CoinMarketCap, compared to 18 Token in April 2023.
“The number could be much higher, as CoinMarketCap reportedly only lists 10% of all memecoins,” Crypto Koryo added.
At the time of writing, more than 2,230 memecoins were listed on CoinMarketCap, with a total market Capital of more than $52,325, accounting for 2.15% of the global cryptocurrency market value.
