Meme-inspired cryptocurrencies based on former President Donald Trump and current President Joe Biden experienced unexpected gains in the past 24 hours, despite a broader market decline.
The MAGA (TRUMP) memecoin, inspired by Trump, saw a remarkable surge of over 39% in the last day. Similarly, the cryptocurrency Jeo Boden (BODEN), referencing President Biden, appreciated by more than 17%.
According to CoinGecko data, the three biggest winners in the memecoin market within the past 24 hours were Doland Tremp (TREMP), with a surge of over 170%, MAGA with a 36% increase, and Jeo Boden with a 16.6% rise.
The rise of these memecoins follows Trump’s announcement on May 8, where he stated his belief that cryptocurrencies could be used for campaign donations. He expressed, “If you can’t do it, I’ll make sure you can.”
In another development, President Biden’s administration has strongly opposed bill HJ Res. 109, which aims to allow heavily regulated financial institutions to act as custodians of cryptocurrencies, including Bitcoin. The White House claims that this move would undermine the Securities and Exchange Commission’s efforts to protect investors and ensure the security of the financial system. The Executive Office of the President announced that President Biden would veto the project if presented with HJ Res. 109.
The proposed legislation seeks to repeal the SEC’s Staff Accounting Bulletin (SAB) No. 121, which imposes strict guidelines on financial institutions regarding the custody of digital assets. The repeal, supported by both parties, aims to eliminate barriers preventing these institutions from serving as custodians of assets like Bitcoin.
Please note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries the risk of potential financial loss.