The phenomenon of presidential meme coins shows no signs of slowing down, as the token known as maga (TRUMP) reached an unprecedented high of $15.45 on Wednesday. This surge in value has propelled the worth of Donald Trump's TRUMP coins to $8.06 million. In addition, various crypto assets related to Trump are emerging, including one that utilizes Bitcoin's Runes protocol for minting.
The popularity of Trump-themed meme tokens continues to soar, with demand for any cryptocurrency associated with Donald Trump at an all-time high. On May 29, 2024, the meme coin named maga (TRUMP) reached its peak value at $15.45 per coin. As of now, TRUMP is trading at $13.77 per unit, which is approximately 9% lower than its all-time high. This recent surge in value has significantly increased the holdings of the former president and 2024 candidate to $8.06 million.
TRUMP/USDT via Mexc on May 29, 2024, at 5:07 p.m. EDT.
However, maga (TRUMP) is not the only meme coin capitalizing on the former president's name and brand. Another token, called super trump (STRUMP), has experienced a 20% increase in value in the past day, now priced at $0.014 per coin. The ERC20-based STRUMP also reached its all-time high on Wednesday, reaching $0.02298, but it has since declined by more than 37%. Another ERC20 token named maga hat (MAGA) achieved its all-time high three days ago. Currently, MAGA is trading at $0.0005518 per unit, marking a 30% increase on Wednesday. However, it has dropped by over 24% from its all-time high of $0.0007379 per unit.
As if three token projects were not enough, another mint utilizing the Runes protocol named MAGA•THE•DONALD•TRUMP (MTDT) has gained significant demand. On Wednesday, the Ordinals and Runes explorer platform Ord.io posted about MTDT on X. "Rune MAGA•THE•DONALD•TRUMP is now 88.4% minted out and is the 7th most minted Rune ever," Ord.io announced at 3:50 p.m. Eastern Time on May 29. "36,521 mints are currently in the mempool and it will likely mint out in ~2 hours," the X account added. Currently, the Runes-based MTDT is the fourth most traded Runes token by volume on Okx's Runes protocol marketplace. Each MTDT is trading at 5,150 satoshis ($3.46 per unit) at 4:30 p.m. EDT. This valuation gives MTDT a market capitalization of $1.59 million.
The future performance of these tokens leading up to and following the 2024 election remains uncertain and will depend on the outcome. Other meme tokens that leverage the names of Joe Biden and Robert F. Kennedy Jr. have also experienced success amidst the hype surrounding presidential meme coins. However, none have achieved the remarkable performance of TRUMP, which has seen a staggering increase of 123,373% from its all-time low of $0.01136 per coin. Could this be an indication of what is to come in the election? Only time will provide the answer.
What do you believe is fueling this recent surge in Trump-themed cryptocurrencies? Share your thoughts and opinions on this matter in the comments section below.