MAGA Hat, Super Trump soar as politics-related memecoins heat up
MAGA Hat token has jumped more than 500% in the past 24 hours.
Super Trump reached new all-time high on May 29 and is up 200% at the time of writing.
Meme coins are not directly linked to former US President Donald Trump, but his bid is inspiring new frenzy.
Meme coins fervour continues with politics-related and celebrity tokens at the centre of the latest FOMO.
While tokens Dogecoin, Shiba Inu and Pepe remain top meme coins, there’s a rising tide in the politics arena with former US President Donald Trump-inspired tokens leading gains in the sector.
The biggest movers are MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP).
US election and former President Donald Trump inspires meme coin frenzy
MAGA (TRUMP) epitomises the rise of PolitiFi meme coins.
According to data from CoinGecko, TRUMP, which traded around $0.01136 in October last year, has jumped a staggering 112500% to current price levels of $12.84.
In the past week, news that a wallet of the former US President Donald Trump directly holds millions of dollars’ worth of the token pushed TRUMP higher.
Trump’s campaign also announced it was accepting crypto donations, including in Bitcoin, Ethereum and Dogecoin. During remarks made at a campaign event, Trump said he would free Ross Ulbricht on day one of presidency.
This comes as Trump looks to capture the huge crypto holder vote block, which data shows is largely leaning towards his crypto-friendly outlook.
MAGA Hat and Super Trump are soaring
Although tokens such as TRUMP, MAGA and STRUMP have no direct association with Donald Trump, the communities around these projects are overwhelmingly in support of his election bid.
The effort to have crypto count in the upcoming election adds to this growing trend – and meme coins tapping into this are seeing massive gains.
For instance, on May 29, the meme coin MAGA (TRUMP) hit an all-time high of $15.45, breaking into the top 150 coins by market cap. Meanwhile, Super Trump skyrocketed more than 240% to lead the PolitiFi tokens sector by 24-hour gains.
STRUMP price peaked at $0.02298 on May 29, and despite the volatility, remains more than 200% up in the past week.
Meanwhile, MAGA Hat has shot up more than 500%, reaching prices of $0.0006262. Buyers could catalyse a new run to the recently hit ATH of $0.0007379.
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