- Former U.S. President Donald Trump recently made headlines by attending the Libertarian National Convention.
- This move, while met with ridicule and criticism, has benefited political meme coins.
- Trump-themed MAGA Hat (MAGA) cryptocurrency surged over 150% in the last 24 hours, while the MAGA (TRUMP) meme coin saw a more modest overnight increase of 12.7%.
Discover the latest developments in the crypto world as political meme coins surge following Donald Trump’s recent appearance at the Libertarian National Convention.
Trump’s Influence on Crypto Markets
Donald Trump’s recent appearance at the Libertarian National Convention has had a significant impact on the crypto market, particularly on political meme coins. The MAGA Hat (MAGA) cryptocurrency experienced a remarkable surge of over 150% within 24 hours. Meanwhile, the MAGA (TRUMP) meme coin saw a more modest increase of 12.7% overnight. This sudden rise in value highlights the influence of political figures on the volatile crypto market.
Political Meme Coins on the Rise
Another notable token, the ConstitutionDAO (PEOPLE) token, also benefited from this trend, recording a 4.7% increase. Originally created as a governance token for a now-defunct DAO aimed at purchasing a copy of the U.S. Constitution, the project has since evolved into a political meme coin with no real utility. This shift underscores the unpredictable nature of the crypto market, where even tokens with no inherent value can experience significant gains based on current events and public sentiment.
Trump’s Stance on Crypto and Ulbricht
During his speech, Trump pledged to commute the sentence of Ross Ulbricht, the founder of Silk Road, if he is re-elected. Silk Road was a darknet marketplace that facilitated the sale of illegal drugs using Bitcoin. Ulbricht was sentenced to two life terms without the possibility of parole in 2015 for money laundering, fraud, and drug-related charges. This promise aligns with Trump’s previous consideration of pardoning Ulbricht in January 2021, just before Joe Biden took office.
Trump also positioned himself as a pro-crypto candidate, vowing to end Joe Biden’s “crusade against crypto” and to prevent the establishment of a U.S. central bank digital currency (CBDC). This stance is likely to resonate with crypto enthusiasts who view regulatory actions as a threat to the decentralized nature of digital currencies.
Conclusion
In summary, Donald Trump’s recent actions and statements have had a notable impact on the crypto market, particularly on political meme coins. His promises to support the crypto industry and to commute Ross Ulbricht’s sentence have further solidified his position as a pro-crypto candidate. As the crypto market continues to evolve, the influence of political figures and current events will remain a significant factor in its volatility and growth. Readers should stay informed about these developments to better navigate the ever-changing landscape of cryptocurrency.
