- Trump-based memecoins record notable price surges in the last 24 hours.
- The former president’s support for crypto has resulted in a positive sentiment in the market.
In the last 24 hours, the US election landscape witnessed crucial movements. Present office holder, Joe Biden announced that he would be stepping down from a re-election. Within the crypto sector, Trump-based memecoins showed notable surges after political rival, Biden’s announcement.
Following Biden’s X announcement, the memecoins witnessed bullish price movements where several tokens surged over 10%. This instance depicts the immense support that Donald Trump holds within the crypto community. The former president’s support of the sector and personal ventures such as NFT collections has contributed to this support.
In the past day, Solana-based Trump memecoins Donald Trump (TRUMP), Doland Tremp (TREMP), and Trump Coin (DJT) prices surged during a short span. TRUMP increased in price by a significant 37.42%, while DJT showed a 4.19% increase according to CMC data. On the other hand, TREMP currently shows a 5.33% increase after surging by 11.21% in the final hours of July 21.
Moreover, Trump-based memecoins trading on the Ethereum blockchain exhibited upward price movements. Notably, the tokens, Super Trump (STRUMP) and Maga Hat (MAGA) prices surged 22.8% and 6.7% respectively, as per CoinGecko reports.
How are the US Elections Impacting the Crypto Sector?
In the past few months, the overall crypto sector witnessed several key milestones. As the market showed surging activity, it drew attention from the mainstream as it evolved into a ground for election campaigns. Moreover, key political events caused fluctuations in particular cryptocurrency prices.
Notably, Donald Trump’s referring to himself as the ‘crypto president’ and his multiple announcements to make the US a leading nation in cryptocurrency have caused positive impacts on the sector. These developments have majorly benefitted in terms of regulations.
Moreover, several traders have incurred profits trading Trump-based memecoins that have surged notably over the past 6 months. One particular trader, GCR made over 8 million profits trading TRUMP. Finally, the recent nomination of JD Vance as Trump’s Vice president also led to market expectations of optimistic futures.
Meanwhile, several Trump tokens have also witnessed price surges over the past months amid increasing volatility. Specifically, the Politifi tokens witnessed price declines when crypto went unmentioned during the presidential debate on June 27.
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