The Rise of TrumpCoin: A Closer Look at the Surging Meme Coin
As the United States presidential election draws near, candidates Donald Trump and Joe Biden have set their sights on the cryptocurrency industry, aiming to attract support from tech-savvy voters. In a surprising turn of events, a meme coin called TrumpCoin (DJT), based on the Solana blockchain, has seen a massive surge in value, skyrocketing by more than 368% in the last 24 hours to reach around $0.025 during the early New York trading session on Tuesday.
The Genesis of TrumpCoin
- Pirate Wires, a bold media outlet, initially sparked interest in TrumpCoin by suggesting that the former president had endorsed the token through their official X account.
- Ryan Selkis, the CEO and founder of Messari crypto, urged caution among investors, hinting that the Federal Reserve may be involved in the account supporting TrumpCoin.
DJT & Market Excitement
- The surge in DJT’s value was accompanied by a significant increase in trading volume, pushing its fully diluted market cap to about $248 million.
- On-chain data from Birdeye revealed that DJT’s daily average trading volume surpassed $372 million, with locked liquidity on Solana of around $86 million and over 10,000 holders.
Impact on Other Meme Coins
- While TrumpCoin garnered attention, meme coins associated with Trump’s political influence faced sharp declines.
- The Ethereum-based MAGA (TRUMP) coin plummeted by over 36% in the past 24 hours, trading at approximately $6.87.
- Similarly, MAGA Again (MAGAA), another Trump-themed token, saw a decline of more than 47%, trading around $0.013 on Tuesday.
The increased involvement of US political parties in cryptocurrency conversations underscores a growing acceptance of web3 and digital assets. Moreover, with the recent approval of spot Bitcoin and Ethereum ETFs in the US, there is anticipation for more institutional investors to enter the crypto market soon.
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