Political Memecoin Mania: Super Trump Token Explodes With 200% Surge
May 30 2024 - 9:00AM
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Cryptocurrencies linked to former US President Donald Trump have
seen a meteoric rise over the past week, reflecting a growing
speculative fervor around politically-charged “memecoins” in the
digital asset space. Related Reading: Are Whales Sniffing Out A
Deal? Ethereum Holdings Balloon To 30% – Details The most notable
gainer has been the “Super Trump” (STRUMP) token, which rallied by
over 200% on May 29th alone, making it one of the top trending
cryptocurrencies on CoinMarketCap. The memecoin, which first
debuted on Ethereum in March, has seen its fortunes change
dramatically since launching on the Solana blockchain just last
weekend. Crypto analyst Tyler, who has been closely watching the
space, noted: “We are not even 24 hours past the #SUPERTRUMP launch
on #SOLANA and already have great support around 4 million MC.
Almost 1 million in volume and up 485.970%!” Political meme coins
stay hot 🔥🔥 In the past day:$TRUMP +20% to $680M$MAGA +20% to
$220M$BODEN +25% to $230M$STRUMP (Super Trump) +186% to $31M The
TRUMP coin on ETH is clearly leading the way and is now the 8th
biggest meme coin by mc. Polifi has become too big to fade
pic.twitter.com/J6onV5W9Vg — TylerD 🧙♂️ (@Tyler_Did_It) May 29,
2024 Trump Memecoin And The ‘PoliFi’ Phenomenon The STRUMP surge
appears to be part of a broader trend within the so-called “PoliFi”
(political finance) ecosystem, where tokens tied to prominent
political figures and ideologies have gained significant traction
among crypto investors. Other Trump-linked memecoins, such as
TRUMP, MAGA, and BODEN, have also recorded massive price spikes in
recent days, with gains ranging from 20% to 350%. This rally has
catapulted the original TRUMP coin to become the 8th largest
memecoin by market capitalization. The STRUMP project itself has
emphasized its community’s deep dedication to the former president,
claiming that 0.8% of its wallet is reserved for Trump. This signal
of support seems to have resonated with the crypto crowd, many of
whom view Trump’s pro-crypto stance as a positive driver for these
types of digital assets. STRUMP Loses Steam However, the euphoria
surrounding STRUMP and its peers has been short-lived, as the
memecoins have since lost steam following their recent record
highs. As of press time, STRUMP was trading around $0.006, roughly
50% below its peak price of $0.012 reached earlier this week. This
volatility underscores the inherent risks and speculative nature of
the memecoin market, where prices can fluctuate wildly based on
social media trends, influencer endorsements, and other ephemeral
factors. The long-term viability of these tokens remains uncertain,
as regulatory scrutiny and broader market conditions could
significantly impact their performance. Related Reading: Time To
Stack Stellar (XLM)? Analyst Calls For Epic 500% Price Breakout
Investors Bring Ideologies To The Blockchain The resurgence of
Trump-linked memecoins reflects the continued fascination with the
former president’s brand and the growing influence of
politically-motivated investors in the cryptocurrency space. While
these digital assets have captivated the attention of speculators,
their dramatic price swings serve as a cautionary tale for those
seeking to capitalize on the “PoliFi” phenomenon. Featured image
from iPic.Ai, chart from TradingView
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