Memecoins
These Trump-Themed Memecoins Are Exploding After Supreme Court Immunity Ruling – DL News
- The Supreme Court’s ruling on Donald Trump’s actions while in office is shaking cryptocurrency markets.
- Jill Boden, Trumpie and Jeo Boden also jumped.
Politically themed memecoins have seen a surge in interest thanks to the United States Supreme Court ruling that Donald Trump cannot be prosecuted for his official acts as president.
As the ultraconservative court’s decision has scuppered prosecutors’ plans to prosecute the former president for his role in the affair, Capitol Attack 2021Holders of political memecoins had reason to rejoice.
Political memecoins highlight crypto’s growing role in this election cycle and vice versa, with industry insiders betting on the outcome of the November vote to catapult Bitcoin to the top. new heights.
The industry has invested millions to influence politicians in Washington, and it seems to be working: potential presidential frontrunners from both parties have warmed up to crypto and Congress recently voted in favor of a pro-crypto Strategies.
At the same time, crypto betting sites like Polymarket have become a privileged place to measure the temperature of the electorate.
Which memecoins saw a big surge
Memecoins have become a way to measure the performance of political candidates, or at least the airtime they get.
Following the Supreme Court’s decision, many of these tokens have skyrocketed.
Jeo Boden — a play on words with the president’s name — has increased 25.7% in the past 24 hours.
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In the same way Trumpie, Doland TrempAnd MAGA again increased by 14.7%, 7.1% and 0.4% respectively.
Jill Boden — a deliberate misspelling of the First Lady’s name — emerged as an outlier, increasing 110% in the past 24 hours.
Not all politically themed memecoins have been equally successful.
Free Trump fell by 20% over the same period while Pepe Trump, Boden Hunter — reference to Biden’s son — and MAGA Hat fell by 18.5%, 15.9% and 11.7% respectively.
DJT – THE controversial memecoin touted by former pharmaceutical executive Martin Shkreliwhich claims to have been created with Trump’s son Barron, is down 2.84%.
Are memecoins important?
Odd currencies are a growing industry.
They generated over $4 billion in transactions in the last 24 hours alone and represent a total market value of approximately $52 billion.
Ryan McMillin, chief investment officer of crypto fund Merkle Tree Capital, recently told DL News that he expects the memecoin trend to push the SOL token on Solana — the blockchain on which many memecoins are traded — to an all-time high. $400 In the coming months.
Eric Johansson is the editor-in-chief of DL News. Got a tip? Email us at eric@dlnews.com.