Meme coins inspired by Donald Trump soar more than 500,000% after movements in favor of cryptocurrencies
Former US President Donald Trump recently made headlines due to his bold policy moves, particularly his continued support for the cryptocurrency industry.
This support caused a surge in meme coins inspired by him, leading to fantastic gains in the market.
🔸 Trump-inspired meme coins make massive profits
MAGA, a meme coin inspired by Trump's “Make America Great Again” campaign slogan, rose approximately 162% in the last 24 hours. DEX Screener data reveals that it is now trading at $0.0006501.
On-chain tracking platform Lookonchain reported that a cryptocurrency trader made $2.7 million in just three days 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 make a profit. Currently, the trader holds 4.5 billion MAGA, valued at $2.51 million.
Additionally, the MAGA spinoff into the Solana network saw an extraordinary 534,000% increase 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 rise in these meme coins could be attributed to Trump's latest political move. Trump made several pro-cryptocurrency statements ahead of the upcoming election. He strongly supported the crypto industry and emphasized that the United States must strive to be a global leader in this growing sector.
“I will ensure that the future of cryptocurrencies and Bitcoin is made in the US. I will support the right to self-custody of the country's 50 million cryptocurrency holders,” he said.
Surprisingly, the former US president also pledged to pardon Ross Ulbricht, the Silk Road operator, if he was re-elected. Trump promised to commute Ulbricht's sentence for time served on his first day in office.
Over the past few months, Trump has been running political campaigns focused on cryptocurrencies, such as hosting an exclusive dinner with the non-fungible token (NFT) community.
