Memecoins linked to former US President Donald Trump and movie star Caitlyn Jenner surged on Monday following Trump’s weekend endorsement of cryptocurrency.
Newly minted tokens like MAGA on Ethereum and JENNER on Solana skilled dramatic value will increase, with JENNER hovering 500-fold within the final 24 hours.
MAGA Token’s Meteoric Rise
The MAGA token, named after Trump’s “Make America Nice Once more” slogan, launched lower than two weeks in the past and has risen 150% within the final 24 hours. Its market worth peaked at $300 million on Monday, with over $74 million in buying and selling quantity. Variants of MAGA and TRUMP tokens on Solana are additionally being launched on different blockchains, producing thousands and thousands in buying and selling quantity.
JENNER Token Controversy
The JENNER token, related to Caitlyn Jenner, noticed nearly $200 million in buying and selling quantity within the final 24 hours. Nevertheless, there’s skepticism in regards to the token’s connection to the actual Caitlyn Jenner, regardless of endorsements on her social media accounts. Jenner has not responded to requests for remark however has cautioned on social media that not all crypto investments are appropriate for everybody and that there are inherent dangers, together with potential lack of worth.
Trump’s Affect
Trump’s current feedback have considerably influenced the memecoin rally. Talking on the Libertarian Nationwide Conference on Saturday, he pledged to guard self-custody rights for crypto house owners and opposed the creation of a central financial institution digital foreign money. His shift from a beforehand unfavorable stance on crypto to a supportive one has energized the memecoin market.
Political Memecoins
Because the US presidential election approaches, political memecoins have grow to be extra prevalent. Earlier this 12 months, tokens referencing political figures like US President Joe Biden and Federal Reserve Chair Jerome Powell had been launched. On Monday, main political memecoins noticed blended outcomes: Jeo Boden fell 6%, whereas Doland Tremp gained over 15%.
Controversy and Hypothesis
Memecoin hypothesis has its critics, particularly concerning tokens with offensive tickers selling racist and sexist concepts. A number of such tokens, notably on Solana, had been launched earlier this 12 months and have drawn important criticism.
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