In a recent development that has caught the attention of meme enthusiasts in the cryptocurrency world, there has been a significant recovery in this type of currency. One particular token, inspired by former president Donald Trump, called MAGA (TRUMP), has seen a surge in price and has stood out in the market.
According to a survey conducted by cryptocurrency analytics platform Santiment on May 9, the top 50 memecoins collectively experienced a 10% increase in their market capitalizations last week. This surge can be attributed to speculative cryptocurrencies and altcoins taking advantage of the rally that began in May.
Data from the platform reveals the best performances within a 24-hour period, including MAGA (TRUMP) with a 50% increase, Turbo (TURBO) with a 38% increase, Ponke (PONKE) with a 12% increase, and Myro (MYRO) with a 9% growth.
Holy, an observer of the cryptocurrency market, noted that much of the credit for these recent memecoin surges goes to Donald Trump and his endorsements of cryptocurrencies. Mentions of Trump spiked around the local cryptocurrency bottom, along with Biden, as traders feared anti-cryptocurrency policies.
As of now, the price of MAGA (TRUMP) is quoted at US$5.58, reflecting a 3.1% increase in the last 24 hours. Over the course of the week, the memecoin has shown significant growth, appreciating by 23.8% in the past seven days.
Inspired by the former and current presidents of the United States, Donald Trump and Joe Biden, meme cryptocurrencies have shown impressive gains despite the broader market downturn. On May 9, the MAGA (TRUMP) memecoin, inspired by former President Trump, experienced a more than 39% increase in the last day. Similarly, the cryptocurrency Jeo Boden (BODEN), referencing the current president, saw an appreciation of over 17%.
According to CoinGecko data, the three biggest gainers within the memecoin market in the last 24 hours were Doland Tremp (TREMP), which increased by over 170%, MAGA with an increase of over 36%, and Jeo Boden with a 16.6% increase.
The rise of these memecoins follows Trump’s statement on May 8, in which he expressed his support for the use of cryptocurrencies in campaign donations.
Disclaimer: The views and opinions expressed in this article, by the author or any mentioned individuals, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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