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Election-Themed Meme Coins Surge After Trump NFT Collection Meeting
Following a meeting with former President Donald Trump and holders of his NFT collection, election-themed meme coins parodying U.S. politicians experienced significant surges in value overnight.
Doland Tremp (TREMP)
One standout performer was the Solana-based meme coin known as Doland Tremp (TREMP), which skyrocketed by an impressive 155% over the past 24 hours, reaching a price of $0.69.
MAGA (TRUMP)
Another notable mention is the Ethereum-based meme coin MAGA (TRUMP), which saw a 42% increase overnight, bringing its current price to $6.11.
Jeo Boden (BODEN)
On the opposite side of the political spectrum, Jeo Boden (BODEN) also experienced a modest rise of 23.2%, reaching $0.37. Despite Trump expressing his disapproval of this investment during the Q&A session with holders of his NFT collection, the meme coin caricaturing Joe Biden managed to gain traction.
These meme coins, BODEN and TREMP, previously made headlines earlier this year as they reached market capitalizations of $473 million and $83 million respectively in April. However, they have since declined to their current market capitalizations of $246 million and $67 million.
Upon learning about the substantial valuation of a meme coin mocking his political adversary, Trump remarked that it was “a lot of money for a coin.”
Spoderman Politicians Series
Meme coins, a unique category of cryptocurrencies inspired by internet memes and current events, are known for their limited liquidity and high volatility. The BODEN and TREMP meme coins are part of the “Spoderman Politicians” series, originally inspired by the famous Spoderman meme—a crudely drawn character that gained popularity in online comics.
Trump’s NFT Meeting
Trump’s recent meeting with holders of his Trump Trading Card NFT collection at Mar-a-Lago in Florida revealed his shift in stance towards cryptocurrencies. He pledged to cease the “hostility towards crypto,” which he alleged was prompting crypto businesses to depart from the United States.
As the former U.S. president and potential 2024 candidate navigates various civil and criminal lawsuits, he criticized the Democratic Party and Securities and Exchange Commission (SEC) chair Gary Gensler for their anti-crypto stance. Trump stated that while they harbor negative views towards crypto, he remains supportive of it and even expressed openness to receiving campaign contributions in cryptocurrency.
In a notable reversal of his previous sentiments, Trump, who previously denounced Bitcoin and cryptocurrencies during his tenure, described them as highly volatile and lacking intrinsic value. Now, he appears to have embraced the world of digital assets.
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