In the past 24 hours, memecoins inspired by former and current U.S. presidents Donald Trump and Joe Biden have seen a huge surge in value. The Trump-inspired memecoin, called MAGA (TRUMP), went up by a whopping 44% while Jeo Boden (BODEN), a funny take on Joe Biden’s name, rose by more than 22% and Trump’s fun related memecoin Doland Tremp soared a staggering 142%.
Analysts from Wintermute say there’s been a lot of fast movement in the memecoin world, leading to a big increase in their value over the past week.
The reason behind this memecoin boom? Well, it seems like Trump’s recent comments have a lot to do with it. He mentioned that he’s open to accepting cryptocurrency donations for his campaign.
Trump seemed enthusiastic about the idea, saying, “If you can’t, I’ll make sure you can. Can we donate to the Trump campaign using crypto? I believe the answer is yes.”
According to CoinGecko, the top three memecoins that gained the most in the last 24 hours are Doland Tremp (surged by 142%) currently priced at $0.67, while MAGA (up by 44%) currently standing at $5.86, and Joe Boden (increased by 22%) currently at $0.3574.
Also Read: President Biden Ready to Veto Bill Changing Crypto Custody Rules
Jeo Boden, a funny take on Joe Biden’s name, trading volume for 24 hours surged 41.31% valuing at $34.56 million while market capitalization is at $247.83 million.
As per the data, the market capitalization is currently valued at $248.69 million and its 24-hour trading volume stands at almost $17 million, surging 454%.
Doland Tremp’s trading volume of 24 hours surged about a staggering 950% valued at $38.33 million with a market capitalization of $66.68 million.
Meanwhile, the prices of bigger cryptocurrencies like Bitcoin and Ether dropped slightly in the past day.
Could the surge in memecoin values, particularly MAGA, Boden, and Doland Tremp, be attributed to Trump’s openness to crypto donations for his campaign? With Doland Tremp soaring 142%, MAGA up 44%, and Boden rising 22%, is this boom sustainable or indicative of a speculative bubble?
