- Trump-themed memecoin MAGA surged as much as 78% on May 9 after Donald Trump’s pro-crypto comments
- Other politically linked tokens like Donal Tremp (TREMP) and Independence Token (RFKJr) also rallied significantly on the same day
- Trump stated that his campaign would accept crypto donations and claimed the Biden administration is against the crypto industry, assuring attendees that he is “pro-crypto”
Donald Trump recently made positive comments about cryptocurrencies during an NFT event, leading to rallies for politically-themed memecoins like MAGA and Donal Tremp. These memecoins have defied the overall drab performance of the crypto market by posting gains in excess of double digits.
Trump voices support for crypto at Mar-a-Lago NFT event
On May 8, Trump spoke at an NFT dinner he hosted for digital collectibles holders at his Mar-a-Lago resort in Florida. When asked if his campaign would accept crypto donations, Trump said he believes they can and that he would make sure it happens if not.
Trump also claimed the Biden administration is against crypto, while assuring attendees he was pro-crypto. “If you like crypto in any form…if you are in favor of crypto you better vote for Trump,” he stated.
Memecoins rally on Trump’s remarks
Following Trump’s crypto-friendly comments, the MAGA memecoin surged as much as 78% on May 9. The token was up 46% over 24 hours, with trading volume jumping 620% to $2.818 million.
Other political memecoins also rallied, led by Donal Tremp’s 136% gain. RFK, dedicated to Robert F. Kennedy Jr.’s presidential bid, climbed 244% over 24 hours. Meanwhile, Joe Boden, a memecoin play on Joe Biden’s name, was up 22% in early March after Trump’s remarks.
Memecoin mania continues into 2022
Memecoins have exploded in popularity in 2022, becoming the most profitable narrative in Q1. According to one analyst, CoinMarketCap listed a record 138 new memecoins in April 2022, up from just 18 in April 2021.
The number of listed memecoins could be much higher, as CoinMarketCap reportedly only includes about 10% of tokens. Currently, over 2,230 memecoins are on the site, representing 21.5% of the total crypto market cap.
Conclusion
Despite the overall crypto market’s recent stagnation, politically-themed memecoins have managed to rally following Trump’s supportive comments. This shows memecoin mania continues to drive speculative trading activity in 2022, even as other sectors of the market remain relatively flat.
