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Trump-Inspired Memecoin Rally as Predictive Markets Favor Former President for 2024 Election

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Donald Trump-inspired memecoins have posted substantial gains this month, especially after the former US president made a constant appeal to cryptocurrency enthusiasts to vote for him.

Former President Donald Trump

Donald Trump, who over the past seven days has launched NFT collections and started accepting donations of bitcoin and ether, has an on-chain wallet worth about $12 million.

Posted May 29, 2024 at 6:07pm EST.

As US voters prepare for the 2024 presidential election, likely Republican frontrunner Donald J. Trump’s popularity among cryptocurrency users continues to grow.

In May, since Trump began courting voters interested in cryptocurrencies, a number of Trump-inspired cryptocurrencies have jumped, such as the MAGA memecoin which has the ticker “TRUMP,” which rose to an all-time high on Wednesday. Additionally, a Polymarket prediction market gives the former US president a higher chance than incumbent US President Joe Biden of winning the 2024 election.

TRUMP, first deployed in August 2023 on the Ethereum mainnet, hit an all-time high of $15.45, before settling at around $13.78 at the time of writing, with a market capitalization of 643 million dollars. Similar tokens like Super Trump (STRUMP) e Doland Tremp (TREMP) have posted substantial gains over the past 30 days, data from CoinGecko shows.

Despite TRUMP’s high market capitalization, the cryptocurrency has $11.53 million in liquidity, according to the trading analytics platform DexTools. In comparison, MEW has a smaller market cap of nearly $440 million and has $32.62 million in cash.

Meanwhile, traders on Polymarket positioned 56% chance of Trump winning the 2024 US presidential election. Polymarket bettors give Joe Biden a 37% chance of winning the election, with former first lady Michelle Obama in third place with 4%.

In total, speculators have bet over $140.7 million in the prediction contract on who will win the US presidential election. However, in a separate bet on who will win the popular vote, which has $24 million at stake, Polymarket users gave Joe Biden a 56% chance of winning.

The rise of Trump-inspired memecoins, coinciding with speculators’ belief that Trump will win the election, comes as the former US president has a small lead over Biden in national polls. THE national average of polls of the election data firm FiveThirtyEight points out that, if the election were held today, 41.1% of likely voters would side with Trump, compared to 39.9% who would support Biden.

Former US President Donald Trump is ahead of incumbent US President Joe Biden in the national pools. (Five thirty-eight)

Trump, who has launched several non-fungible token collections and last week began accepting crypto assets like bitcoin and ether for political donations, has an onchain portfolio worth about $12 million, with a large majority in TRUMP, according to blockchain analytics firm Arkham Intelligence.

The presumptive Republican nominee has recently made several public statements aimed at convincing cryptocurrency enthusiasts to vote for him, start, on May 8, with “If you’re pro cryptocurrencies, you’re better off voting for Trump.” At the Libertarian National Convention in Washington DC on Saturday, Trump pledged to release Silk Road founder Ross Ulbricht on the first day of his next presidency, if he were elected. He has too he wrote on the media platform Truth Social, “I am very positive and open-minded towards cryptocurrency companies and everything related to this new and thriving industry.”

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