- Political meme coins have surged following former president Donald Trump’s meeting with holders of his NFT collection.
- Solana-based meme coin Doland Tremp (TREMP) and Ethereum-based meme coin MAGA (TRUMP) saw significant increases, while Jeo Boden (BODEN), caricaturing Joe Biden, also rose.
- These meme coins, part of the “Spoderman Politicians” series, have seen high volatility linked to their prominence in news cycles.
Political meme coins see a surge following Trump’s meeting with NFT holders, highlighting the volatility and influence of news cycles on such cryptocurrencies.
Surge in Political Meme Coins
Following a meeting between former president Donald Trump and holders of his NFT collection, political meme coins have seen a significant surge. Leading the pack was the Solana-based meme coin Doland Tremp (TREMP), which jumped a staggering 155% over the past 24 hours, hitting $0.69. Ethereum-based meme coin MAGA (TRUMP) also rose by 42% overnight, reaching a current price of $6.11.
Other Coins in the Political Aisle
On the other side of the political spectrum, Jeo Boden (BODEN), a meme coin caricaturing Joe Biden, also saw gains, rising by a more modest 23.2% to $0.37. This occurred despite Trump’s declaration of disinterest in the investment during his Q&A session with the Trump NFT collection holders. These meme coins, including BODEN and TREMP, shot to prominence earlier this year, reaching market capitalizations of $473 million and $83 million respectively in April, before falling to their current market capitalizations of $246 million and $67 million.
The Influence of News Cycles on Meme Coins
Meme coins, cryptocurrencies based on internet memes and current events, typically exhibit limited liquidity and high volatility. This volatility is often linked to their prominence in news cycles. The BODEN and TREMP meme coins are part of the “Spoderman Politicians” series, inspired by the Spoderman meme—a crudely-drawn Microsoft Paint character that appeared in a series of online comics.
Trump’s Stance on Crypto
During his meeting with the Trump Trading Card NFT collection holders at his Mar-a-Lago resort in Florida, Trump declared his intention to halt the “hostility towards crypto” that he claimed was causing crypto firms to leave the U.S. Despite his previous criticism of cryptocurrencies while in office, Trump now welcomes campaign donations in crypto, indicating a shift in his stance.
Conclusion
The surge in political meme coins following Trump’s meeting with NFT holders underscores the influence of news cycles on such cryptocurrencies. As the political landscape continues to intersect with the crypto world, it’s likely that we’ll see further volatility and potential growth in this niche market.
