Memecoins
Trump Ethereum Meme Coin Price Hits New High After Post-Verdict Drop
So much for Donald Trump’s coin crash.
MAGA (TRUMP) and other meme pieces inspired by the former US president immersed in the price immediately following Thursday’s verdict, in which Trump was found guilty of 34 counts in his “hush money” trial. But the crisis was very short-lived.
In fact, the unofficial TRUMP token not only recovered its brief losses, but the price of EthereumThe Bitcoin-based token quickly soared even higher than before the verdict was announced. And then it continued, hitting a new all-time high of $16.84 per token late Thursday, according to data from CoinGecko.
The token’s price has nearly doubled over the past week, increasing by over 84% during this period and bringing its 30-day gains to 274% at the time of writing.
At the current price of $15.26, down over 8% from the peak, TRUMP is currently the 131st most valuable cryptocurrency by market cap and the first politically themed (or “PolitiFi”) piece by this metric. Meanwhile, the main Joe Biden-inspired piece, 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 the former president’s open adoption of cryptocurrency, which once criticized Bitcoin but has since courted crypto natives.
In recent weeks, Trump has stated that he is “good with crypto” and that he would – if elected to a second term – work to improve regulations to keep crypto companies in the United States. He also started accept cryptocurrency donations last week via top plays like Bitcoin, Ethereum, SolanaAnd Dogecoin.
Interestingly, a Trump-linked portfolio – like identified by Arkham Intelligence-and his NFT projects holds almost 580,000 TRUMP tokens, which were sent to the wallet last year. These assets are now worth over $8.8 million at current prices, bringing the total value held by the portfolio to $13.1 million.
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.