Cryptocurrencies linked to former US President Donald Trump have seen a meteoric rise over the past week, reflecting a growing speculative fervor around politically-charged “memecoins” in the digital asset space.
The most notable gainer has been the “Super Trump” (STRUMP) token, which rallied by over 200% on May 29th alone, making it one of the top trending cryptocurrencies on CoinMarketCap.
The memecoin, which first debuted on Ethereum in March, has seen its fortunes change dramatically since launching on the Solana blockchain just last weekend.
Crypto analyst Tyler, who has been closely watching the space, noted:
“We are not even 24 hours past the #SUPERTRUMP launch on #SOLANA and already have great support around 4 million MC. Almost 1 million in volume and up 485.970%!”
Political meme coins stay hot 🔥🔥
In the past day: +20% to $680M +20% to $220M +25% to $230M (Super Trump) +186% to $31M
The TRUMP coin on ETH is clearly leading the way and is now the 8th biggest meme coin by mc.
Polifi has become too big to fade
— TylerD 🧙♂️ (@Tyler_Did_It)
Trump Memecoin And The ‘PoliFi’ Phenomenon
The STRUMP surge appears to be part of a broader trend within the so-called (political finance) ecosystem, where tokens tied to prominent political figures and ideologies have gained significant traction among crypto investors.
Other Trump-linked memecoins, such as TRUMP, MAGA, and BODEN, have also recorded massive price spikes in recent days, with gains ranging from 20% to 350%. This rally has catapulted the original TRUMP coin to become the 8th largest memecoin by market capitalization.
The STRUMP project itself has emphasized its community’s deep dedication to the former president, claiming that 0.8% of its wallet is reserved for Trump. This signal of support seems to have resonated with the crypto crowd, many of whom view Trump’s pro-crypto stance as a positive driver for these types of digital assets.
As of today, the market cap of cryptocurrencies stood at $2.45 trillion. Chart:
STRUMP Loses Steam
However, the euphoria surrounding STRUMP and its peers has been short-lived, as the memecoins have since lost steam following their recent record highs. As of press time, STRUMP was trading around $0.006, roughly 50% below its peak price of $0.012 reached earlier this week.
STRUMP price down in the last 24 hours. Source:
This volatility underscores the inherent risks and speculative nature of the memecoin market, where prices can fluctuate wildly based on social media trends, influencer endorsements, and other ephemeral factors.
The long-term viability of these tokens remains uncertain, as regulatory scrutiny and broader market conditions could significantly impact their performance.
The resurgence of Trump-linked memecoins reflects the continued fascination with the former president’s brand and the growing influence of politically-motivated investors in the cryptocurrency space.
While these digital assets have captivated the attention of speculators, their dramatic price swings serve as a cautionary tale for those seeking to capitalize on the “PoliFi” phenomenon.
Featured image from iPic.Ai, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
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Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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