Trump-Inspired MAGA Coin Leaves Parody Biden Memecoin In The Dust With 23% Weekly Gain As Ex-President Warms Up More To Crypto

Aniket Verma

May 09, 2024

A cryptocurrency themed around former U.S. President Donald Trump surged this week as the firebrand leader stepped up his endorsement of digital currencies. A rival coin, however, saw its fortunes tank.

What Happened: MAGA Coin (CRYPTO: TRUMP) saw a 5% increase in the last 24 hours and a 23% rise since the beginning of the week, as per data from Coinmarketcap.

This uptick coincided with Trump’s amplified crypto-friendly rhetoric, particularly notable at a recent NFT event where he emphatically endorsed cryptocurrencies, even proclaiming, “If you’re in favor of crypto, you better vote for Trump.”

Santiment data confirms a surge in Trump’s mentions across major crypto-centric social platforms, reflecting his growing advocacy for digital assets.

🇺🇸 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

See Also: Best 10 Altcoins In May 2024

Conversely, mentions of President Joe Biden escalated amidst concerns over potential stringent crypto regulations. This negative sentiment impacted Jeo Boden (CRYPTO: BODEN), a cryptocurrency parodying the incumbent president, which experienced an 18.88% drop in the last 24 hours and a 28% decrease over the week.

Why It Matters: MAGA Coin, inspired by the “Make America Great Again” movement, has skyrocketed 25x year-to-date, signaling the potential rise of a new category of political finance cryptocurrencies, colloquially termed “Politi-Fi.”

This trend underscores Trump’s strategic alignment with the growing crypto demographic in the U.S., as highlighted in a Visual Capitalist report revealing approximately 53 million Americans as crypto owners in 2023, the highest in absolute numbers and the third-highest by population share.

Since its launch on Aug. 11, 2023, MAGA has surged by an astonishing 35,211%, while BODEN, launched on March 10, 2024, has seen a 768% increase.

Read Next: Donald Trump Says ‘You Better Vote’ For Him If You’re Pro-Crypto: But Has He Always Been ‘Fine With It’?

Photo via Shutterstock

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