Trump-Themed Cryptocurrencies Surge Amid Presidential Election
The fervor for U.S. presidential meme coins continues unabated. On Wednesday, Trump’s meme coin reached an all-time high of $15.45. On May 29, the value of Trump Coin soared to $8.06 million. Additionally, various Trump-related crypto assets are emerging, including those mined using the Bitcoin Runes protocol.
As interest in Trump-themed cryptocurrencies grows amid the presidential meme coin trend, demand for such assets is likely to remain high.
On Wednesday, May 29, 2024, the meme coin known as “MAGA (TRUMP)” peaked at $15.45 per coin. At the time of writing, TRUMP is priced at $13.77 per coin, down about 9% from its peak. As of Wednesday, the former president and 2024 presidential candidate’s associated assets have surged to $8.06 million.
However, MAGA (TRUMP) is not the only meme coin leveraging Trump’s name and brand. Another token, “Super Trump” (STRUMP), saw a 20% increase over the past day, now priced at $0.014 per coin.
On Wednesday, the Trump Index, an ERC20-based token, also hit a new all-time high (ATH) of $0.02298 but has since dropped over 37%. Additionally, the ERC20 token “Maga Hat (MAGA)” reached its ATH three days ago.
Currently, MAGA is trading at $0.0005518 per unit, a 30% increase from Wednesday. However, it has fallen over 24% from its ATH of $0.0007379. As if three tokens weren’t enough, another token called MAGA•THE•DONALD•TRUMP (MTDT), minted via the Runes protocol, has seen significant demand. On Wednesday, the Ordinals and Runes exploration platform Ord.io posted about MTDT on X (formerly Twitter).
“Inscription MAGA•THE•DONALD•TRUMP now has 88.4% minting completed, making it the seventh-highest minted Rune ever,” Ord.io stated, adding on their X account, “There are currently 36,521 tokens in the mempool, likely to be minted within about 2 hours.”
As of now, MTDT, based on the Runes protocol, is the fourth most traded Runes token on the Okx Runes protocol market. At 4:30 PM EST, each MTDT was trading at 5150 Satoshis (approximately $3.46 per unit), valuing MTDT at $1.59 million. The future performance of these tokens leading up to and following the 2024 election remains uncertain and will largely depend on the election results.
Other meme coins utilizing the names of Biden and Robert F. Kennedy Jr. are also thriving amid the presidential meme coin hype. However, none have matched the performance of Trump Coin, which has skyrocketed 123,373% from its historical low of $0.01136 per token.
