Memecoins
Trump’s pro-crypto comments send these memecoins soaring – DL News
- MAGA HAT, JENNER and TRUMP post double-digit gains.
- New comments from the former president fueled the latest rally.
- Doubts surround the JENNER token’s connection to the real Caitlyn Jenner.
Memecoins linked to former US President Donald Trump and celebrity Caitlyn Jenner soared on Monday after Trump endorsed the crypto over the weekend.
Newly issued tokens like MAGA on Ethereum and JENNER – likely referring to Jenner, who ran for governor of California as a Republican in 2021 – on Solana, prices have seen parabolic rises, with JENNER posting a 500x surge in the past 24 hours.
MAGA refers to Trump’s campaign slogan, “Make America Great Again.”
The MAGA token, launched less than two weeks ago, is up 150% in the last 24 hours. Its total market value peaked at $300 million on Monday with a trading volume of over $74 million.
Variants of these tokens, such as MAGA And ASSET on Solana are also deployed on other blockchains with a multi-million dollar transaction volume.
JENNER, one of the hottest memecoins with nearly $200 million in trading volume in the last 24 hours, is sparking its own controversy.
There are doubts whether the token is connected to the real Caitlyn Jenner, an American socialite and former Olympian. This is despite mentions of the token on Jenner’s social media accounts.
Caitlyn Jenner did not immediately respond to a request for comment.
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“Not all cryptocurrencies, tokens, coins or other crypto assets are the right investment for all individuals,” Jenner wrote on X. “There is always risk associated with any investment, including loss of value. »
Crypto goes to Washington
New comments from presumptive GOP presidential nominee Trump, who previously had a rather dim view of the industry, play a significant role in memecoin’s latest rally.
During speech at the Libertarian National Convention On Saturday, Trump pledged to protect the custodial rights of crypto owners and to never allow the creation of a central bank digital currency.
This shade of memecoin is not new to crypto, especially as the US presidential election approaches.
Earlier this year, several of these tokens launched with tickers referencing major political figures, such as US President Joe Biden and Federal Reserve Chairman Jerome Powell.
More prominent political memecoins like Jeo Boden fell 6% today, while Doland Tremp climbed more than 15% on Monday.
Memecoin speculation has also attracted a fair number of detractors, often highlighting offensive tickers promoting racist and sexist ideas.
Several memecoins launched earlier in the year, notably on Solana, fell into this category.
Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. He covers DeFi and technology. To share tips or story information, please contact him at osato@dlnews.com.