As a crypto investor, I’ve witnessed firsthand the impact of political statements on the industry, and Wednesday’s event was no exception. The former US President Donald Trump’s stance on cryptocurrencies during his gathering at Mar-a-Lago resonated with many in the community, leading to a significant price surge for the MAGA (TRUMP) memecoin.
As a researcher studying the crypto industry, I can’t help but keep a close eye on the political landscape, especially during an election year. With numerous global elections taking place, the anticipation and scrutiny towards each candidate’s views on cryptocurrencies are at an all-time high. The US presidential elections, in particular, hold significant weight due to their potential impact on regulations and adoption that could reverberate throughout the world.
As an analyst, I’d rephrase it as: “On Wednesday, I observed former US President Donald Trump and Republican candidate voicing his backing for the digital asset industry while criticizing the current Biden administration’s position. Notably, the price of MAGA token, inspired by Trump, experienced a significant surge of 63% following his statement.”
Trump’s Stance On Crypto
As a researcher, I’d rephrase it this way: On Wednesday, I attended the Trump Cards NFT Gala held at the Mar-a-Lago resort in Palm Beach, Florida, where the Republican candidate graciously welcomed guests bearing his named and likeness on their Non-Fungible Tokens (NFTs).
Throughout the occasion, the ex-US president openly criticized the current administration’s stance towards his sector and expressed his personal approval of cryptocurrencies. He went on to express his intention to establish a robust and credible industry for crypto.
Trump claimed he’s the best option for those who are in favor of cryptocurrencies:
As an analyst, I understand your stance on the issue at hand. I’m satisfied with it, but I want to ensure its strength and soundness. For those who share my appreciation for cryptocurrencies, which come in various shapes and forms, and support their use, I encourage you to cast your vote for me.
As a crypto investor, I can tell you that there’s been a concern that the hostile attitude towards cryptocurrencies in the US might be pushing them out of our jurisdiction. This is a trend I don’t want to see continued. If elected, I promise to change this narrative and create an environment that is welcoming and supportive of the crypto industry.
i asked donald trump how he’s going to keep crypto businesses in america.
sounds bullish
— Malcolm (33.3%) (@macdegods) May 9, 2024
The intervieee proposed a more inviting regulatory environment for digital asset businesses looking to operate in the country as a solution to prevent their departure.
In a critique of the present government, former President Trump mocked Joe Biden by pretending not to know about cryptocurrencies if questioned on the topic. He also mentioned that Democrats are generally opposed to them.
TRUMP Flips BODEN As Price Soars
Following Trump’s statements, two memcoins bearing the names of politicans experienced price surges. Specifically, Jeo Boden (BODEN) jumped by 23.5% within an hour, rising from $0.34 to $0.42.
After that point, the cost has pulled back to fluctuate around the $0.35 to $0.36 mark. Currently, BODEN is valued at $0.3492 on the market, signifying a 15.1% price surge over the past 24 hours.
As a crypto investor, I’ve noticed an impressive 35.7% increase in the daily trading volume of this token, with more than $20 million worth of transactions taking place within the last day. However, despite gaining some positive attention from the Republican candidate, BODEN‘s price performance over the longer timeframes has shown a weekly decrease of 29.9% and a monthly decline of 59.8%.
BREAKING: $TRUMP (@MAGAMemecoin) FLIPS $BODEN (@boden4pres) IN MARKET CAP
— DEGEN NEWS (@DegenerateNews) May 9, 2024
Due to the circumstances, TRUMP‘s market value of $252 million surpassed BODEN‘s $239 million. The Trump-inspired token emerged as the 14th largest memecoin in terms of market capitalization according to CoinGecko statistics.
Additionally, Trump’s remarks appeared to give crypto investors a significant victory, leading to a 63% increase in the value of tokens. The price of the token jumped from $4.2 to $7.1 almost immediately, but later retreated to around $5.3.
TRUMP trades at $5.43 at the time of writing, representing a 36.2% increase in the last 24 hours.
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2024-05-10 02:10