Donald Trump tokens experienced a sharp rally on Sunday morning following the shooting incident at a rally in Pennsylvania.
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The TREMP token surged by over 56%, reaching $0.612, while MAGA Trump saw a 37% increase. Other Trump-related tokens, such as MAGA Hat and Super Trump (STRUMP), also soared during the overnight session.
Impact of Shooting Incident on Donald Trump’s Campaign and Polling
The biggest news over the weekend was the shooting of Donald Trump during a rally in Pennsylvania. Trump was shot in the upper side of the ear, and the incident resulted in the death of one rally attendee and injuries to others. President Joe Biden condemned the shooting, which occurred as Trump’s campaign period is gaining momentum. He is expected to receive the full Republican nomination this week.
Recent polls show Trump with an advantage in the upcoming election, particularly if he faces Joe Biden. A Pew Research Center poll released last week indicated that Trump holds a 4-point lead over Biden, with 44% of respondents supporting Trump compared to 40% for Biden and 15% for Robert Kennedy.
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The shooting incident occurred amid Biden’s continued struggles in the polls, where concerns about his age and mental acuity have been highlighted. Analysts suggest that Trump has a strong chance of being re-elected, though they caution that this situation could shift if Biden is replaced.
Source: X
Surge in Trump Tokens Following Shooting Incident
Investors have flocked to Trump tokens in a show of support following the recent shooting incident. The Doland Tremp token surged to $0.6068 from a low of $0.33 last week. Despite this rise, it remains significantly below its all-time high of $1.37. The token’s market cap has jumped to over $61 million. Doland Tremp, a meme coin on the Solana network, is favored by investors due to its full availability for trading, unlike other meme coins with scheduled unlocks that gradually increase token circulation.
The MAGA Hat token also saw a notable increase, rising over 37% to $8.55, its highest level since June 29. This is a significant rise from its low of $5.30 earlier this month. With a market cap exceeding $398 million, MAGA Hat is now the largest political-themed token, surpassing the valuations of companies like GoPro, Standard Lithium, and 23andMe.
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Additionally, the Super Trump token experienced a rise to $0.011 from a low of $0.08 earlier this month. Its market cap has grown to over $26 million
Trend of Political-Themed Meme Coins: Trump Tokens Lead the Pack
Trump tokens are part of a broader trend of political-themed meme coins. For instance, tokens like Jeo Boden and Hunter Biden’s Laptop are associated with Joe Biden. Despite this, data shows that these tokens lack popularity compared to their Trump-themed counterparts. Jeo Boden, for example, has a market cap of over $22 million, reflecting the fact that Trump enjoys a more enthusiastic following than Biden.
Most of these political-themed tokens are built on Solana’s blockchain, known for its speed and low transaction costs. Platforms like Pump.fun have made it easier to create these tokens. The future of these tokens remains uncertain, especially with the upcoming November election. If Trump wins, his tokens are expected to perform well, but if he loses, their value could drop significantly, making these gains potentially short-lived.
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Meme coins have become increasingly popular in the crypto industry this year, with a combined market cap of over $46 billion according to CoinGecko. While Dogecoin and Shiba Inu lead in valuation, newer tokens like Pepe, Dogwifhat, and Bonk are leading in trading volume. Pepe recorded a volume of over $667 million in the last 24 hours, while Dogwifhat had $325 million. In comparison, Dogecoin and Shiba Inu had volumes of $604 million and $271 million, respectively
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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