After Donald Trump got into a viral televised argument with Ukrainian President Zelensky at the Oval Office, meme coins TRUMP and MAGA spiked in value. MAGA was among the initial meme coins themed after Trump, and this is its first upward movement in over a month.
It’s impossible to determine exactly what caused traders to push MAGA up by nearly 10%, but it provides an interesting window into the meme coin space.
Meme Coins Spike As Trump and Zelensky Fall Out Publicly
Donald Trump had a dramatic impact on the meme coin space when he launched his own token, but some things never change. Earlier today, Trump hosted Ukrainian President Volodymyr Zelensky at the White House to discuss resolving the ongoing war. Things did not go according to plan, however, and a televised argument ensued:
“We’re trying to solve a problem. Don’t tell us what we’re gonna feel. Because you’re in no position to dictate that, remember this. You’ve allowed yourself to be in a good position, you don’t have the cards right now. You’re gambling with the lives of millions of people. You’re gambling with World War III!” Trump said as the dispute got out of hand.
The media cycle has been abuzz with commentators discussing this argument and its potential fallout on US-Ukraine relations and the war.
Already, some Senators are calling the meeting “a complete and utter disaster,” questioning whether Trump and Zelensky can do business ever again. However, an unexpected event happened in crypto, as TRUMP jumped up 8%:
TRUMP Meme Coin Daily Price Chart. Source: TradingView
TRUMP, the President’s official meme coin, has been on a steady decline this month. It briefly rebounded in the middle of February, helped out by a new airdrop, but it otherwise remained limp.
However, its rebound is not the most important factor to consider. MAGA, an unofficial Trump-themed token, jumped nearly 10% after the Zelensky interview.
MAGA is a completely unofficial product, bearing no affiliation whatsoever with Trump or any of his associates. It spiked a few times during the election but fell off after his victory and dropped nearly 100% after the official meme coin launched.
US Political Developments Are Now Impacting the Meme Coin Market
Understandably, Trump’s fans would rally behind him after the talk with Zelensky. These price reactions show an interesting glimpse into the mind of a meme coin trader, particularly a Trump supporter.
Are these buyers expecting it to be a sensible investment? Or are they simply trying to make a public gesture of faith for their favorite politician? It could even be a cynical move, hoping to create a pump while this story dominates the headlines.
Ultimately, due to their names, it’s almost impossible to easily search for either one of these tokens on social media. Therefore, assigning a concrete motive is speculative.
However, Vitalik Buterin previously feared that political meme coins could be used for corruption, and new proposals at the Congress echo this sentiment.
Even if politicians are banned from creating or endorsing meme tokens, enterprising individuals may keep creating them all the same.
