MAGA

Trump-themed memecoin MAGA (TRUMP) surged as much as 78% on May 9 following Republican presidential candidate Donald Trump’s comments on cryptocurrencies.&nbsp;
Data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> shows MAGA trading at $6, up 46% over the last 24 hours.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/89c65bd2-47bb-434a-8852-401e247d2d5d.png">
 <figcaption style="text-align: center;">TRUMP/USD daily chart. Source: <a href="https://www.tradingview.com/x/vNk3uXVR/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Its 24-hour trading volume has jumped 620% to rest at $281.8 million, and with a market cap of $281.8 million, TRUMP is ranked at position 248 at CoinGecko. At the time of publication, the token was the 13th largest memecoin by market capitalization.
MAGA refers to a political slogan popularized by Trump – “Make America Great Again.”
Other politically linked tokens also rallied on May 9, led by Donal Tremp (TREMP), which recorded triple gains, climbing 136% over the last 24 hours. Independence Token (RFKJ)—a token dedicated to supporting Robert F. Kennedy Jr.’s journey to the presidency—was up 24.4% over the same period.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/28114a05-5c2a-4f17-a442-1edb13b9dd6e.png">
 <figcaption style="text-align: center;">Memecoins: Top gainers May 9. Source: CoinGecko
 </figcaption>
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Although Joe Boden (BODEN), a memecoin referring to a misspelling of U.S. President Joe Biden’s name, was only 1% up on May 9, it rallied as much as 22% on March 8 after Trump’s remarks.
On May 8, Trump was speaking during an <a href="https://cointelegraph.com/news/3-memorable-moments-from-trump-nft-dinner" rel="noopener noreferrer nofollow">NFT dinner</a> he hosted for his digital collectibles holders at the Mar-a-Lago resort in Palm Beach, Florida.
When asked whether his campaign would accept crypto donations, he answered,
<blockquote>
 ”Can we donate to the Trump campaign using crypto? I believe the answer is yes. If you can’t, I’ll make sure you can.”
</blockquote>
On the crypto industry, Trump claimed the sitting U.S. President Joe Biden and his administration are against the industry, <a href="https://x.com/frankdegods/status/1788359051031761269" target="_blank" rel="noopener noreferrer nofollow">assuring</a> the attendees that he was pro-crypto:
<blockquote>
 “I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/memecoins-sell-off-as-bitcoin-price-takes-the-spotlight-is-meme-season-over" rel="noopener noreferrer nofollow">Memecoins sell-off as Bitcoin price takes the spotlight — Is meme season over?</a>
As reported by Cointelegraph, memecoins have grown tremendously in 2024 to become the <a href="https://cointelegraph.com/news/memecoins-were-most-profitable-crypto-narrative-in-q1-2024-coingecko" rel="noopener noreferrer nofollow">most profitable narrative</a> in Q1.
According to pseudonymous X user Crypto Koryo, CoinMarketCap listed a record 138 erc-20 memecoins in April 2024, extending the parabolic rise of 666% from April 2023’s tally of just 18.
The analyst <a href="https://twitter.com/CryptoKoryo/status/1787252030316126507" target="_blank" rel="noopener noreferrer nofollow">said</a>,
<blockquote>
 “The number of <a href="https://cointelegraph.com/explained/can-memecoins-be-used-as-real-currency" rel="noopener noreferrer nofollow">memecoin</a> erc-20 tokens is going parabolic in 2024. Last month, 138 new memecoins registered on CoinMarketCap, compared to 18 in April 2023.“
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/9066deb6-7823-4135-a826-a1d6817852a0.png">
 <figcaption style="text-align: center;">Number of memecoins listed on CoinMarketCap per month. Source: <a href="https://twitter.com/CryptoKoryo/status/1787252030316126507" target="_blank" rel="noopener noreferrer nofollow">Crypto Koryo</a>
 </figcaption>
</figure>
“The number could be much higher, as CoinMarketCap reportedly lists only 10% of all tokens,” Crypto Koryo added.
At the time of publication, more than 2,230 memecoins were <a href="https://coinmarketcap.com/view/memes/" target="_blank" rel="noopener noreferrer nofollow">listed</a> on CoinMarketCap, boasting a combined market capitalization of over $52,325, making up 2.15% of the global crypto market value.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Trump-themed MAGA memecoin rallies after his pro-crypto comments

Cointelegraph

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