In the past 24 hours, meme coins inspired by current U.S. President Joe Biden and ex-President Donald Trump have seen significant increases in value after Trump discussed cryptocurrency at a dinner with NFT holders.
According to data from CoinMarketCap, the Trump-themed meme coin, MAGA (TRUMP), surged by more than 44%. Similarly, Jeo Boden (BODEN), a coin with a misspelled reference to 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 24 hours were identified as Donald Tremp with a surge of 122%, MAGA with a 44% increase, and Jeo Boden with a rise of 22%.
In contrast, Bitcoin (BTC) was trading around $60,800, reflecting a 2.4% decrease, while Ethereum (ETH) also experienced a decline, dropping by more than 1.4% to approximately $2,950.
The recent surge in presidential-themed meme coins followed Trump’s announcement that he plans to accept cryptocurrency for campaign donations. In videos posted on X by an anonymous DeGods NFT holder named Malcolm, the former President expressed his support for crypto donations to the Trump campaign.
Trump’s announcement has fueled interest in Trump-inspired meme coins, highlighting the growing connection between cryptocurrency and political fundraising. Trump has been involved in various crypto-related activities, including offering NFT cards on multiple chains, criticizing CBDCs, and holding close to $3 million in cryptocurrencies.
Overall, the rally in meme coins inspired by current and former U.S. Presidents reflects the increasing influence of cryptocurrency in political and fundraising circles.