- The Donald Trump-themed meme coin Doland Tremp (TREMP) reached a new all-time high after positive news about the billionaire’s presidential campaign.
- The former political leader has softened his stance on digital assets, describing himself as the candidate of the pro-crypto voters.
Crypto enthusiasts and investors are closely watching the political landscape as Donald Trump’s softened stance on cryptocurrencies coincides with significant price movements in related meme coins.
Another Trump-Themed Meme Coin Took off
The cryptocurrency market is well in the green today (May 17), with numerous leading digital assets such as Solana (SOL), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK) witnessing substantial gains. However, the situation in the meme coin sector is not as bullish, with only a few exceptions recording daily increases. One such asset is Doland Tremp (TREMP), which exploded by 60% in the past 24 hours, hitting a new all-time high of $1.07 (per CoinGecko’s data).
Political Influence on Crypto Markets
Swing states are highly important in each presidential election in the USA as they don’t represent a stronghold of the Republicans or the Democrats and can be won by any of those parties. Another interesting development surrounding Donald Trump is the hush-money trial involving him and the pornographic film actress Stormy Daniels. She previously claimed to have had sex with the former president prior to his 2016 election and accepted $130,000 from his former lawyer – Michael Cohen – in exchange for her silence. Trump denied the allegations, while recently, his defense pressed the attorney on his criminal history and past lies. Cohen admitted to lying under oath when he pleaded guilty to federal charges, including tax fraud.
Trump’s Pro-Crypto Move
While serving as America’s 45th President, Trump was not fond of the cryptocurrency industry, claiming bitcoin and the rest of the digital assets are based on “thin air.” His bashing manifest continued in the next few years, calling BTC a “scam.” Nonetheless, he started softening his tone earlier in 2024, saying he can “live” with the primary cryptocurrency. “You probably have to do some regulation, as you know. But many people are embracing it, and more and more, I’m seeing people wanting to pay in bitcoin, and you’re seeing something that’s interesting. So, I can live with it one way or the other.” Earlier this month, Trump described himself as the right choice for those in favor of the digital asset industry, adding that his opponent, Joe Biden, and his cabinet are against the asset class: “I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.” His comments were followed by the price resurgence of another meme coin related to him – MAGA (TRUMP). The token continued its uptrend in the past week, hitting an all-time high of over $10 on May 16.
Conclusion
The intertwining of political developments and cryptocurrency market movements highlights the increasing influence of global events on digital assets. As political figures like Donald Trump adopt more crypto-friendly stances, the sector could see new levels of mainstream acceptance and integration into political campaign strategies.
