Surging Over 65%! Trump's "Rare Speech" Ignites a Bullish Surge in MAGA Meme Coin

Republican presidential candidate Donald Trump set a crucial tone for the November election with his rare speech supporting cryptocurrency. This ignited the MAGA political meme coin to soar from $4.3376 to as high as $7.1926, a more than 65% increase, before pulling back to $5.84 in the Asian market on Friday (May 10).

The MAGA meme coin is named after "Make America Great Again," Trump's popular political slogan.

Other politically related meme coins also rose on Thursday, with MAGA leading the charge.

The independent token RFKJ, which supports Robert F. Kennedy Jr.'s presidential campaign, also gained 24.4% during the same period.

Meanwhile, the Biden-related meme coin BODEN (intentionally misspelled from President Biden's name) only recorded a 1% increase on Thursday.

On Wednesday, Trump addressed a non-fungible token (NFT) dinner held at his Mar-a-Lago estate in Palm Beach, Florida, for digital collectible holders.

When asked if his campaign would accept cryptocurrency donations, he responded, "Can we donate to the Trump campaign using cryptocurrency? I believe the answer is yes. If you can't do it, I'll make sure you can."

"In the cryptocurrency industry, Trump claimed that Biden and his administration oppose the sector, reassuring attendees that he supports crypto."

"I have no issue with it. I want to make sure it's good, solid, and everything else."

"But I'm fine with it."

"If you like any form of cryptocurrency, there are many different forms. If you support cryptocurrency, you'd better vote for Trump."

CoinTelegraph reported that meme coins saw tremendous growth in 2024, becoming the most profitable narrative currency of the first quarter.

According to crypto analyst Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 meme coins in April 2024, representing a 666% increase from 18 in April 2023.

Koryo noted that the number of ERC-20 meme coins will follow a parabolic growth trajectory in 2024.

"This figure is likely much higher because CoinMarketCap reportedly only lists 10% of all tokens," he added.

Currently, over 2,230 meme coins are listed on CoinMarketCap, accounting for 2.15% of the global crypto market cap.