The presidential meme coin fervor persists, with the token maga (TRUMP) hitting an all-time high of $15.45 on Wednesday. This surge elevated the value of Donald Trump’s TRUMP coins to $8.06 million on May 29. Additionally, various Trump-related crypto assets are emerging from the woodwork, including one leveraging Bitcoin’s Runes protocol for minting.
Trump-Themed Meme Tokens Rise Dramatically
If it’s a Donald Trump-related cryptocurrency, it’s likely in high demand as the presidential meme coin trend continues to expand significantly this week. On Wednesday, May 29, 2024, the meme coin dubbed ‘maga (TRUMP)’ peaked at $15.45 per coin. At press time, TRUMP is priced at $13.77 per unit, approximately 9% lower than its all-time high. This recent increase has boosted the former president and 2024 candidate’s holdings to $8.06 million as of Wednesday.
But maga (TRUMP) isn’t the only meme coin leveraging the former president’s name and brand. Another token, super trump (STRUMP), has seen a 20% increase over the past day, now priced at $0.014 per coin. The ERC20-based STRUMP also hit an all-time high (ATH) on Wednesday, reaching $0.02298, but it has since declined by more than 37%. Additionally, the ERC20 token ‘maga hat (MAGA)‘ achieved an ATH three days ago.
Currently, MAGA is trading at $0.0005518 per unit, up 30% on Wednesday. However, it is down over 24% from its ATH of $0.0007379 per unit. As if three token projects weren’t enough, another Runes protocol mint named MAGA•THE•DONALD•TRUMP, abbreviated as MTDT, has seen substantial demand. On Wednesday, the Ordinals and Runes explorer platform Ord.io posted about MTDT on X.
“Rune MAGA•THE•DONALD•TRUMP is now 88.4% minted out and is the 7th most minted Rune ever,” Ord.io said at 3:50 p.m. Eastern Time on May 29. “36,521 mints are currently in the mempool and it will likely mint out in ~2 hours,” the X account added. As of now, the Runes-based MTDT is the fourth most traded Runes token by volume on Okx’s Runes protocol marketplace. Each MTDT is trading at 5,150 satoshis ($3.46 per unit) at 4:30 p.m. EDT.
This valuation gives MTDT a market capitalization of $1.59 million. It’s uncertain how these tokens will perform leading up to and following the 2024 election, depending on the outcome. Other meme tokens leveraging the names of Joe Biden and Robert F. Kennedy Jr. have also thrived amid the presidential meme coin hype. However, none have matched the performance of TRUMP, which is up 123,373% from its all-time low of $0.01136 per coin. Could this be a sign of what’s to come in the election? Only time will tell.
What do you think is driving the recent surge in Trump-themed cryptocurrencies? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin
