Following remarks made by former President Donald Trump at his NFT holders dinner, meme coins inspired by both Trump and current President Joe Biden have seen significant increases in value over the past 24 hours.
According to CoinMarketCap data, the Trump-themed meme coin, MAGA (TRUMP), surged by more than 44%. Similarly, Jeo Boden (BODEN), a coin with a play on words referencing President Joe Biden, saw an increase of over 22%.
On CoinMarketCap’s meme coin market capitalization category page, the top three gainers in the past day were identified as Donald Tremp, which surged by 122%, MAGA with a 44% increase, and Jeo Boden rising by 22%.
In contrast, Bitcoin (BTC) was trading at around $60,800, reflecting a 2.4% decrease, while Ethereum (ETH) also experienced a decline of over 1.4% to approximately $2,950.
The spike in presidential-themed meme coins follows Trump’s announcement on Wednesday that he plans to accept cryptocurrency for campaign donations. In several video clips shared by anonymous DeGods NFT holder Malcolm, Trump expressed his support for crypto donations to his campaign.
“I believe the answer is yes,” Trump stated in a speech, referring to the possibility of donating to his campaign using cryptocurrency. This announcement has fueled the rise in Trump-inspired meme coins, highlighting the increasing overlap between cryptocurrency and political fundraising.
Trump has been involved in various crypto-related activities, such as offering NFT cards on multiple chains, criticizing CBDCs, and holding close to $3 million in cryptocurrency assets.
Overall, the surge in meme coin values and Trump’s crypto initiatives suggest a growing connection between digital assets and political endeavors.