TL;DR
- Meme coins like MAGA (TRUMP) and TRUMPCOIN have seen substantial growth, with the latter up 215% in 24 hours and 560% this week.
- Trump tokens outpaced traditional meme coins; DOGE rose 2%, while SHIB gained 3% in the past 24 hours.
These Tokens Head North
Donald Trump achieved an outstanding win in the U.S. presidential election held in November of the previous year. He managed to secure every one of the crucial battleground states, as well as garnering more votes from the general public than his primary rival, Kamala Harris.
Trump’s swearing-in ceremony is scheduled for January 20th, marking the day he will formally take over as the 47th President of America. The anticipation of his presidency has already triggered significant changes in the value of certain cryptocurrencies, with meme coins linked to him showing a notable impact.
Among stocks categorized by market capitalization, the largest one currently identified as MAGA (Trump) has surged by 20% in a single day and is now being traded at approximately $3.15 according to CoinGecko’s statistics.
Many variations such as “Super Trump,” “President Trump 47,” “Moon Trump,” “Trumpie,” and others have all experienced significant growth, with gains in the double digits.
Nevertheless, among all Trump-themed memes, the less familiar MAGA: Fight for Trump (TRUMPCOIN) stands out. In just the last day, its value has skyrocketed by an impressive 215%, and over the past week, it’s soared an astounding 560%.
Keep in mind that meme coins linked to Donald Trump saw a surge in value prior to the presidential elections. However, following the announcement of the election results, several of these coins underwent significant corrections. It remains to be seen if another “sell-the-news” event will occur once Trump is inaugurated on January 20th.
How Are the Leaders Doing?
In the last 24 hours, tokens related to Trump have surpassed some well-known meme coins in growth. The one with the highest market capitalization, Dogecoin (DOGE), has increased by 2% daily and is currently valued around $0.39.
Some industry insiders are speculating that the sector might see a significant surge due to Elon Musk’s increased political influence. Elon Musk, CEO of Tesla, will lead a new division known as the Department of Government Efficiency (D.O.G.E).
1. The agency intends to streamline procedures, eliminate excess rules, and curb unnecessary expenditures within the U.S. administration.
2. Despite its name and Musk’s vocal support, the meme coin has sparked optimism among Dogecoin supporters.
As a researcher, I’ve noticed an intriguing development in the crypto market. My focus coin, Dogecoin’s main competitor, Shiba Inu (SHIB), has shown a 3% surge over the past day. On the other hand, Pepe (PEPE) has exhibited minimal volatility during this same period.
Participants who have pulled back recently, within the last 24 hours, include Bonk Inu (BONK), Dogwhathat (WIF), Fartcoin (FARTCOIN), Peanut the Squirrel (PNUT), along with several others.
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2025-01-06 22:34