In a world bristling with the flux of imminent global elections, keen arms of the cryptocurrency industry anxiously await the reactions and opinions of political adversaries. What stands in the balance? Potential alterations in regulation and adoption that could send ripples through the industry across the globe. The future of crypto might just hang on thread of the upcoming United States presidential elections.
Donald Trump, the former US president and current Republican torch-bearer, leapt to the center-stage of this unfolding narrative on Wednesday. Underscoring his full-throated support for cryptocurrencies, he simultaneously voiced pointed criticisms at Biden’s administration, taking exception to their perceived hostility toward digital assets. The cynical aftermath of his declaration bore witness to a notable spike in the value of TRUMP (MAGA), a Trump-inspired memecoin that flourished, leaping 63% in the ensuing hours.
Trump’s declaration took place at his Mar-a-Lago retreat located in the sun-drenched palms of Palm Beach, Florida, where he held a convocation. Among his audience were owners of NFTs (Non-Fungible Tokens), festooned with Trump’s image and moniker who were gathered for the Trump Cards NFT Gala.
Trump’s unabashed disdain for the current administration’s stance on cryptocurrencies was paramount in his remarks. He was resolute in his support for the industry, articulating his vision to foster a robust and dependable sector while also identifying himself as the candidate of choice for crypto enthusiasts.
In his characteristic candor, Trump echoed his intent for crypto, stating, “I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.”
Trump also warned of the increasing exodus of crypto-related operations from American shores, attributing the trend to the unfavorable climate around cryptocurrencies – a trend he outrightly expressed his intention to halt.
When quizzed on his gameplan to stem the outflow of digital asset businesses, he underscored his plan for their retention: appreciating these businesses and ensuring their continued presence in American soil. He waxed firm in his promise of a modified, crypto-friendly regulatory environment.
Trump capped his jabs at the current administration with a jesting imitation of President Joe Biden, purporting that Biden would be left floundering if asked about cryptocurrencies. He added an extra layer to his zinger by asserting, “The Democrats are very much against it.”
The fallout of Trump’s remarks saw an upheaval in the value of two prominent memecoins linked to the two politicians – Jeo Boden (BODEN) experienced a swift 23.5% uptick in value in the immediate hour that followed, leaping from $0.34 to $0.42, before normalcy returned, settling in the $0.35-$0.36 range.
The past 24 hours have seen BODEN trading at $0.3492, occasioning a 15.1% increase. The daily trading volume correspondingly swelled by 35.7%, hitting the $20 million mark in a span of a day. It should be noted, however, that despite gaining from Trump’s proverbial jab, BODEN was still marked in the red on the weekly and monthly timeframes, diminishing by 29.9% and 59.8%, respectively.
This sequence of market fluctuations led TRUMP to outperform BODEN in market capitalization – $252 million to $239 million, bolstering it to the 14th spot on the list of the largest memecoins by market cap, according to CoinGecko data.
It seems that this round was won by TRUMP with the crypto investors, who saw the token capping a 63% gain after Trump’s statement. The token surged from $4.2 to $7.1 in the following hours before retracting to the $5.3 level.
At the time of drafting, TRUMP was trading at $5.43, indicating a significant increase of 36.2% in the last 24 hours. The swiveling landscape of the crypto-market and political horizons are sure to keep audiences worldwide on their toes.
