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No more Donald Trump meme coins breaking.
MAGA (TRUMP) and other meme coins inspired by the former US president fell in price immediately following Thursday’s verdict, in which Trump was convicted of 34 criminal charges in his “silence” trial. But the crisis lasted very little.
In fact, the unofficial TRUMP token not only recovered its brief losses, but also the price of EthereumThe Bitcoin-based token quickly soared even higher than before the verdict was announced. And then it continued, rising to hit a new all-time high of $16.84 per token on Thursday, according to data from CoinGecko.
The token’s price has nearly doubled in the last week, rising over 84% during that period and bringing its 30-day gains to 274% at the time of writing.
At a current price of $15.26, down more than 8% from its peak, TRUMP is currently the 131st most valuable cryptocurrency based on market cap and main political theme (or “PolitiFi”) wedges by this metric. Meanwhile, the main Joe Biden-inspired currency, the “Jeo Boden” intentionally misspelled, it is now down 10% from the previous day to a price of $0.27.
The Trump-inspired token has surged in recent weeks thanks to the former president’s open adoption of the cryptocurrency, which once criticized Bitcoin but has since courted crypto natives.
In recent weeks, Trump has said that he is “good with cryptography” and that he would work – if elected to a second term – to improve regulations to keep crypto companies in the United States. He also started accepting cryptocurrency donations last week through major currencies like Bitcoin, Ethereum, SolanaIt is Dogecoin.
Interestingly, a wallet linked to Trump – like identified by Arkham Intelligence-it’s him NFT Projects holds nearly 580,000 TRUMP tokens, which were sent to the wallet last year. These assets are now worth more than $8.8 million at current prices, bringing the total value held by the portfolio to $13.1 million.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
Edited by Ryan Ozawa.
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