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Trump’s pro-crypto comments are sending these memecoins soaring – DL News
- MAGA HAT, JENNER and TRUMP post double-digit gains.
- New comments from the former president fueled the latest rally.
- Doubts surround the JENNER token’s connection to the real Caitlyn Jenner.
Memecoins linked to former US President Donald Trump and celebrity Caitlyn Jenner soared on Monday after Trump endorsed the cryptocurrencies over the weekend.
Freshly minted tokens like MAGA on Ethereum and JENNER – likely referring to Jenner, who is running for governor of California as a Republican in 2021 – Solana has seen parabolic price increases, with JENNER seeing a 500-fold increase in the last 24 hours.
MAGA refers to Trump’s campaign slogan, “Make America Great Again.”
The MAGA token, launched less than two weeks ago, is up 150% in the last 24 hours. Its total market value peaked at $300 million on Monday, with trading volume of more than $74 million.
Variants of these tokens, such as MAGA AND TRUMP on Solana they are also implemented on other blockchains with millions of dollars of trading volume.
JENNER, one of the hottest memecoins with nearly $200 million in trading volume in the last 24 hours, is stirring up some controversy.
There are doubts about the token’s connection to the real Caitlyn Jenner, an American socialite and former Olympian. This is despite the token’s endorsement on Jenner’s social media accounts.
Caitlyn Jenner did not immediately respond to a request for comment.
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“Not all cryptocurrencies, tokens, coins or other crypto assets are the right investment for all individuals,” Jenner he wrote on X. “There is always risk associated with any investment, including loss of value.”
Cryptocurrencies go to Washington
New comments from Trump, the presumptive Republican presidential candidate, who previously had a rather negative view of the sector, are playing a major role in the latest memecoin rally.
During a Speech at the Libertarian National Convention On Saturday, Trump vowed to protect the self-custodial rights of cryptocurrency owners and to never allow the central bank to create a digital currency.
This nuance of memecoin this is nothing new for cryptocurrencies, especially with the US presidential elections approaching.
Earlier this year, several such tokens were launched with tickers referencing prominent political figures, such as US President Joe Biden and Federal Reserve Chair Jerome Powell.
Bigger political memecoins like Jeo Boden fell 6% today, while Doland Tremp it rose more than 15% on Monday.
Speculation around Memecoin has also attracted its fair share of detractors, often pointing to offensive tickers that promote racist and sexist ideas.
Several memecoins launched earlier this year, most notably on Solana, fell into that category.
Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. He covers DeFi and technology. To share story tips or information, contact him at osato@dlnews.com.