A cryptocurrency themed around former U.S. PresidentĀ Donald TrumpĀ surged this week as the firebrand leaderĀ stepped up his endorsement ofĀ digital currencies.Ā A rival coin, however, saw its fortunes tank.
What Happened:Ā MAGA CoinĀ (CRYPTO: TRUMP) saw a 5% increase in the last 24 hours and a 23% rise since the beginning of the week, as per data from Coinmarketcap.
This uptick coincided with Trumpās amplified crypto-friendly rhetoric, particularly notable at a recent NFT event where he emphatically endorsed cryptocurrencies,Ā evenĀ proclaiming, āIf youāre in favor of crypto, you better vote for Trump.āĀ
Santiment data confirms a surge in Trumpās mentions across major crypto-centric social platforms, reflecting his growing advocacy for digital assets.
See Also:Ā Best 10 Altcoins In May 2024
Conversely, mentions of PresidentĀ Joe BidenĀ escalated amidst concerns over potential stringent crypto regulations. This negative sentiment impactedĀ Jeo BodenĀ (CRYPTO: BODEN), a cryptocurrency parodying the incumbent president, which experienced an 18.88% drop in the last 24 hours and a 28% decrease over the week.
Why It Matters:Ā MAGA Coin, inspired by the āMake America Great Againā movement, has skyrocketed 25x year-to-date, signaling the potential rise of a new category of political finance cryptocurrencies, colloquially termed āPoliti-Fi.āĀ
This trend underscores Trumpās strategic alignment with the growing crypto demographic in the U.S., as highlighted in a Visual CapitalistĀ reportĀ revealing approximately 53 million Americans as crypto owners in 2023, the highest in absolute numbers and the third-highest by population share.
Since its launch onĀ Aug. 11, 2023, MAGA has surged by an astonishing 35,211%, while BODEN, launched onĀ March 10, 2024, has seen a 768% increase.
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