Cryptocurrencies with political affiliations, specifically those related to former US President Donald Trump, experienced significant price increases following the conclusion of the trial of a former representative and current candidate for a political position.
The FreeTrump token (TRUMP) saw a 330% increase in price, trading at US$0.019, after the jury found former President Trump guilty of 34 felony counts of falsifying business records. Similarly, the Jeo Boden token (BODEN) witnessed a 9.2% increase during the same period, with a price of US$0.3319.
Currently, the memecoin MAGA (TRUMP), held in a wallet associated with Donald Trump, has seen a substantial price increase, trading at $15.47, a 16% rise in the last 24 hours. In the past week, the cryptocurrency has appreciated by an impressive 92.1%, with a trading volume of US$44,852,774.
However, some political memecoins linked to Trump experienced price declines following news of the former president’s sentence. These tokens, including Doland Tremp (TREMP), are now seeking to recover, with TREMP showing a 7% increase in the past day and currently trading at $1.15, with a trading volume of $22,838,409 in the last 24 hours.
Donald Trump has recently adopted a favorable stance on cryptocurrencies as part of his new political strategy. In a declaration made through his social media platform, Trump expressed renewed support for the crypto sector, positioning himself against his political rival, President Joe Biden. With the 2024 election in mind, Trump is now accepting campaign donations in various cryptocurrencies, including Bitcoin, Ethereum, and meme coins like Dogecoin and Shiba Inu.
In his post, Trump stated, “I am very positive and open-minded about cryptocurrency companies and all things related to this new and growing industry.” He emphasized the need for the United States to be at the forefront, asserting that there is no room for second place. This shift in perspective marks a significant departure from Trump’s previous skepticism towards cryptocurrencies compared to the US dollar.
Disclaimer: The views expressed in this article, including those of the author and any individuals mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of potential financial loss.
Editor’s Choice: Pepe (PEPE) surpasses Polygon (MATIC) in market value, experiencing a rise, while Shiba Inu challenges Cardano’s position after a significant increase in the last 24 hours.