So much for Donald Trump meme coins crashing.
MAGA (TRUMP) and other meme coins inspired by the former U.S. president plunged in price immediately after Thursday’s verdict, in which Trump was convicted of 34 felony counts in his “hush money” trial. But the slump was very short-lived.
In fact, the unofficial TRUMP token not only regained its brief losses, but the price of the Ethereum-based token rapidly shot up even higher than it was before the verdict announcement. And then it kept going, rising to hit a new all-time high of $16.84 per token late Thursday, per data from CoinGecko.
The token’s price has nearly doubled over the last week, up more than 84% during that span and pushing its 30-day gains to 274% as of this writing.
At a current price of $15.26, down over 8% since the peak, TRUMP is currently the 131st most valuable cryptocurrency based on market cap, and the top politics-themed (or “PolitiFi”) coin by that metric. Meanwhile, the top Joe Biden-inspired coin, the intentionally misspelled “Jeo Boden,” is now down 10% over the past day to a price of $0.27.
The Trump-inspired token has surged in recent weeks thanks to an open embrace of cryptocurrency by the former president, who once had criticized Bitcoin but has since courted crypto natives.
In recent weeks, Trump has said that he’s “good with crypto” and that he would work—if elected to a second term—to improve regulations to keep crypto firms in the United States. He also began accepting cryptocurrency donations last week via top coins like Bitcoin, Ethereum, Solana, and Dogecoin.
Interestingly, a wallet tied to Trump—as identified by Arkham Intelligence—and his NFT projects holds almost 580,000 TRUMP tokens, which were sent to the wallet last year. Those assets are now worth over $8.8 million at current prices, pushing the total value held by the wallet 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.
