As the 2024 U.S. presidential election approaches, the cryptocurrency market, especially the meme currency sector that is closely related to political events, has shown significant growth and activity. In particular, tokens related to former President Donald Trump, such as TRUMP, MAGA, and TRUMP2024, have performed particularly well in the market. This is mainly due to Trumpâs recent positive moves in supporting the cryptocurrency field, which has gained widespread support.
At the same time, the Democratic Party and current President Biden are also rapidly adjusting their attitudes toward cryptocurrencies, putting aside their stances for the sake of their election success and beginning to accept areas that they had previously resisted. The potential and influence of cryptocurrencies have clearly become an important force that the candidates cannot ignore.
The recent market rebound was also strongly stimulated by the Trump assassination. According to Greeks.live analyst Adam, this week was a relatively quiet week for macro events, but the German and American governments stopped selling cryptocurrencies, the crypto market rebounded quickly, and the overall sentiment improved significantly. Data shows that Trump-related meme coins generally rose sharply, especially TRUMP, which rose as much as 68% in 24 hours, MAGA (TRUMP) and MAGA Hat also rose by 30.9% and 30.7% respectively. In addition, Solana's "Trump attack" meme coin FIGHT rose by 4256% in 24 hours, and its market value exceeded US$2.5 million.
More importantly, data from Polymarket shows that as Trump is in good condition after being shot, his chances of winning the election have risen to 70%, a new high, far exceeding Biden's 15%. This has undoubtedly further stimulated the market's enthusiasm and investment confidence in Trump-related cryptocurrencies.
These phenomena indicate that Trump-related Trump series tokens are becoming the focus of the crypto market. The following article will explore in depth the logic behind it and its market impact.
Trump survived the assassination attempt and his election prospects soared
On July 13, former US President Trump was shot at a campaign rally in Pennsylvania, but fortunately he was not seriously injured. This incident not only caused an uproar in the political circle, but also had a significant impact on the cryptocurrency market. As Trump's health stabilized, his supporters and the market responded quickly, and the prices of Trump-related meme coins rose sharply, showing the market's confidence and expectations in Trump.
Shortly before this incident, the Republican National Committee released a draft party platform for the 2024 election, which explicitly expressed support for the cryptocurrency industry and vowed to end the "illegal crackdown" on cryptocurrencies. The release of this draft party platform has attracted widespread attention, especially in the cryptocurrency community. The Republican Party promises to defend the right to mine Bitcoin and allow cryptocurrency holders to keep their assets themselves, and opposes the creation of a US central bank digital currency (CBDC). These policies are seen as part of the "Trump version" of the future US policy blueprint, aimed at attracting more voter support.
At the same time, Trump actively participated in cryptocurrency-related activities, strengthening his influence in the field. On June 12, Trump issued a statement on his Truth Social, expressing his hope that Bitcoin mining activities would remain within the United States to strengthen the country's control over cryptocurrencies and economic influence. That evening, Trump held a meeting with several Bitcoin mining company representatives at Mar-a-Lago, known as the "Presidential Roundtable on Bitcoin Mining." Participants included executives from companies such as CleanSpark, Riot Platforms, and Marathon Digital. Trump expressed his support for Bitcoin mining at the meeting and promised to cheer for miners in the White House.
These positive policies and statements were quickly reflected in the market. As good news about Trump continued to come out, the market for related meme coins was extremely active. For example, CoinGecko data showed that the TRUMP token rose by as much as 68% in 24 hours, while MAGA and MAGA Hat rose by 30.9% and 30.7% respectively. In addition, Solana's "Trump attack" meme coin FIGHT rose by 4256% in 24 hours, with a market value of over $2.5 million. These data show that the market has responded positively to Trump's support.
Trump's cryptocurrency policy shift is not only a public statement, but also reflected in specific fundraising activities. In early June, Trump attended an event hosted by technology venture capitalists in San Francisco, raising $12 million. The event was attended by crypto industry leaders such as Coinbase executives and Gemini co-founders Winklevoss brothers. The highest ticket price for this fundraiser was $500,000 per couple, and all tickets were sold out, showing the strong support of the crypto community for Trump.
These actions and market reactions show that Trump is using the emerging field of cryptocurrency to consolidate his campaign advantage and attract more voters and financial support. As the election approaches, the cryptocurrency market will continue to be an important battlefield in political games.
The price of election-related Meme coins has soared, is this good news for PoliticalFi?
The shooting of Trump has triggered dramatic fluctuations in the cryptocurrency market, especially in the meme coins related to Trump. However, the meme coins are not only popular because of Trump, but also fueled by social media and celebrities.
Trump's supporters and the market reacted very quickly. On July 13, after Trump was shot at a campaign rally in Pennsylvania, the news that his health condition was stable immediately triggered a sharp rise in the prices of meme coins related to him. For example, the TRUMP token rose by 68% in 24 hours, and MAGA and MAGA Hat rose by 30.9% and 30.7% respectively. But with the news of Trump's discharge from the hospital, the prices of these meme coins fell back, showing the market's sensitive reaction to short-term events. CoinGecko data shows that STRUMP fell by 15.8% in 1 hour.
Another major driving force behind this hype is the widespread discussion and support from celebrities and social media. Tesla CEO Elon Musk was one of the first tech giants to express support for Trump. Not only did he voice his support for Trump on social media many times, he also compared Trump to great presidents like Roosevelt.
OpenAI CEO Sam Altman also broke his long silence on social media for the first time after Trump was shot and expressed support. Microsoft CEO Satya Nadella, Apple CEO Tim Cook and Amazon founder Jeff Bezos also tweeted to express their support for Trump and condemn the violence.
However, not everyone believes that Trump's support for cryptocurrencies is genuine. Arthur Hayes, former CEO of BitMEX, pointed out in his blog post "Hot Chick" that Trump's friendly attitude towards cryptocurrencies is more about winning votes than truly supporting cryptocurrencies. Hayes believes that many cryptocurrency experts and investors are misled by Trump's remarks and blindly donate to his campaign, hoping that Trump will stop suppressing cryptocurrencies, but this idea is naive.
At the same time, billionaire Bill Ackman also publicly announced his support for Trump, saying that this decision was the result of careful consideration and a lot of data analysis. Ackman's support further fueled the market's interest in Trump-related meme coins, and even received retweets from Elon Musk. The endorsements of these celebrities have undoubtedly intensified the market's enthusiasm for hype about Trump-related tokens.
In summary, the hype of Trump-related meme coins is not only driven by his own remarks and events, but also fueled by social media and celebrities. However, the volatility of the market and the risk of short-term speculation cannot be ignored. Investors should remain cautious and look at the market performance of these tokens rationally. Next, we will take a deeper look at the market outlook and the risk factors behind it.
Trumpâs election will definitely be good for Bitcoin, and the future is worth looking forward to!
The shooting of Trump not only ignited the meme coin market, but also triggered widespread fluctuations in the crypto market, gold market, and securities market. After the incident, the price of Bitcoin soared rapidly, breaking through the $60,000 mark. This fluctuation shows that the influence of political events on the cryptocurrency market is gradually increasing.
First, the reaction of the crypto market is particularly obvious. As Trump expressed support for cryptocurrencies, market sentiment was high, causing related tokens such as TRUMP and MAGA to rise sharply in a short period of time. However, this upward trend is also accompanied by high risks and high volatility. In the short term, the market may fluctuate violently driven by political rhetoric and celebrity effects, and investors need to be cautious.
The gold market was also affected. As a traditional safe-haven asset, gold also saw a certain increase after Trump was attacked. The uncertainty and increased risks in the market have caused investors to flock to gold for safety. However, the increase in gold has been relatively stable, reflecting its enduring value as a safe-haven asset.
The securities market showed a more complex reaction. After the Trump incident, the US stock market experienced a brief fluctuation, especially in industries closely related to Trump's policies, such as energy and crypto-related companies. The market's expectation that Trump might return to power has made some companies' stocks popular, but the overall market sentiment remains cautious.
Looking ahead, the impact of political events on the crypto market will continue to exist. As the 2024 US presidential election approaches, similar events may occur frequently, leading to increased market volatility. Investors need to pay attention to political trends, allocate assets reasonably, and diversify risks.
Overall, the shooting of Trump reveals the profound impact of political events on the financial market. The crypto market, gold market and securities market may continue to fluctuate in the short term. In this environment, investors should remain vigilant, pay close attention to market dynamics and make rational decisions.
