#donaldtrump #maga #Election2024
Former US President Donald Trump recently made headlines due to his bold political moves, particularly his continuous support for the crypto industry.

This support sparked a surge in meme coins inspired by him, leading to fantastic gains in the market.

#meme_coin Inspired by Trump See Massive Gains
MAGA (MAGA), a meme coin inspired by Trump’s campaign slogan “Make America Great Again,” increased by approximately 162% in the last 24 hours. DEX Screener data reveals it is now trading at $0.0006501.

The on-chain tracker platform Lookonchain reported that a crypto trader made $2.7 million in just three days by trading MAGA. They achieved a return on investment (ROI) of 505%.

The trader initially spent $537,500 to buy 6 billion MAGA on May 24 and 25, then sold 1.5 billion MAGA for 744,000 USDT to take profits. Currently, the trader holds 4.5 billion MAGA, valued at $2.51 million.
Additionally, MAGA’s spinoff on the Solana network recorded an extraordinary increase of 534,000% over the same period. At the time of writing, it is trading at $0.1811 with a market capitalization of $8.5 million.

A notable increase in these meme coins might be attributed to Trump’s latest political move. As BeInCrypto reported earlier this weekend, Trump made several pro-crypto statements before the upcoming election. He strongly supported the crypto industry, emphasizing that the US must strive to be a global leader in this growing sector.

“I will ensure that the future of crypto and Bitcoin will be made in the #usa . I will support the right to self-custody to the nation’s 50 million crypto holders,” he stated.

Remarkably, the former US president also pledged to pardon Ross Ulbricht, the operator of Silk Road, if re-elected. Trump promised to commute Ulbricht’s sentence to time served on his first day in office.
For the past months, Trump has been making crypto-focused political campaigns, such as hosting an exclusive dinner with the non-fungible token (NFT) community. Moreover, Trump has accepted cryptocurrency campaign donations, including Bitcoin (BTC).

Trump’s political shift is particularly noteworthy, given that he was a crypto skeptic during his prior presidency. Many believe that Trump aims to take advantage of President Joe Biden’s administration’s tougher actions toward the crypto industry. A recent survey from investment firm Paradigm reveals that 48% of crypto owners plan to vote for Trump, 39% for Biden, and 13% undecided.
“Notably, among crypto owners, 43% recall voting for President Biden in 2020 and just 39% of crypto voters recall voting for former President Trump that year. So it appears some of the voters President Biden is now losing to Trump are owners of crypto, possibly because of actions taken by some agencies in the Biden Administration,” the report reads.

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$BTC
Bitcoin’s bullish move to continue
The report reveals that a significant majority of investors believe in Bitcoin’s potential to rise under Trump’s administration. Specifically, 80% of the surveyed investors think that Bitcoin will experience a substantial price increase if Trump is re-elected, while only 20% believe his presidency could negatively impact the crypto market.

Discussions about Trump’s political influence on Bitcoin have intensified, accounting for 25% of all crypto-related posts on social media, further highlighting the significance of this political development.

In July, Bitcoin faced a challenging market environment, hitting a six-month support level at $53,485 due to sell-side pressure. However, it managed to recover to $66,000, with 86% of investors remaining profitable during this period.

Analysis of on-chain metrics
Positive funding rates in Bitcoin futures since May 2024 indicate that traders are optimistic about Bitcoin’s long-term price increase, suggesting a bullish sentiment in the market.

Furthermore, the derivatives market, which often serves as a predictor of future trends, shows a strong long-term outlook for Bitcoin, further supporting the bullish hypothesis.

As the 2024 U.S. presidential election approaches, the crypto market is closely monitoring political developments. The potential re-election of Donald Trump could significantly influence Bitcoin’s price, making it a crucial factor for investors to consider.

The report also delves into the performance of other major cryptocurrencies and sectors. Solana, for instance, has seen a significant increase in its staking system, attracting $61 billion and surpassing Ethereum. This growth is attributed to its user-friendly staking process and expanding DeFi ecosystem.

Additionally, the report highlights the rising popularity of GameFi tokens, with daily trading volumes reaching $2.5 billion. Gaming tokens like Immutable (IMX) and Gods Unchained (GODS) have shown remarkable gains, indicating strong investor interest in the GameFi sector.
#DonaldJTrump #donaldtrump #FutureTarding #Election2024