Memecoins
Main Memecoin Market Linked to Former President Donald Trump Following New Crypto Promises
Former president Donald Trump continued its advances towards the crypto community by organizing an event for holders of the NFT Asset Cards Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida.
During the event, Trump expressed his support for cryptocurrencies, announcing his intention to accept donations of digital assets for its potential. re-election campaign. He also highlighted the need for a more favorable regulatory environment for the growing crypto sector.
Following these statements, a campaign inspired by Trump MAGA The utility-lacking memecoin surged more than 40%. This impressive gain positioned MAGA as the top performer on CryptoSlate’s list of gainers during the reporting period.
Pro-crypto
Videos circulating on social media showed Trump’s criticism of the Biden the administration’s approach to crypto, signaling the potential changes in policyand should he return to the office.
Trump highlighted the exodus of crypto companies of the United States due to regulatory hostilitypromising a friendlier environment under his leadership to strengthen the industry nationally.
The former president chastised Biden’s lack of understanding of crypto, attributing it to his administration’s unfavorable stance. Trump said:
“Biden doesn’t know it, Gensler is very much opposed to it, the Democrats are very much opposed to it.”
Notably, Trump had previously expressed anti-crypto sentiments during his term, calling Bitcoin a scam in 2021. However, his views on the sector appear to have changed. evolvedas evidenced by his embrace of non-fungible tokens (NFT) wearing his appearance.
Trump is banking on this new vision to rally support for his presidential campaign, declaring that:
“If you like crypto in any form, and it comes in many different forms, if you are pro-crypto, you better vote for Trump.”
These moves have sparked speculation about how a possible Trump presidency could benefit crypto. Standard Chartered financial institution suggested that a second Trump term could be a boon for Bitcoin and other digital assets by providing viable alternative investment avenues.