A cryptocurrency themed around former U.S. President Donald Trump surged this week as the firebrand leader stepped up his endorsement of digital currencies. A rival coin, however, saw its fortunes tank.
What Happened: MAGA Coin TRUMP/USD 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 Trump’s amplified crypto-friendly rhetoric, particularly notable at a recent NFT event where he emphatically endorsed cryptocurrencies, even proclaiming, “If you’re in favor of crypto, you better vote for Trump.”
Santiment data confirms a surge in Trump’s mentions across major crypto-centric social platforms, reflecting his growing advocacy for digital assets.
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Conversely, mentions of President Joe Biden escalated amidst concerns over potential stringent crypto regulations. This negative sentiment impacted Jeo Boden BODEN/USD, 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: MAGA Coin, inspired by the “Make America Great Again” movement, has skyrocketed 25x year-to-date, signaling the potential rise of a new category of political finance cryptocurrencies, colloquially termed “Politi-Fi.”
This trend underscores Trump’s strategic alignment with the growing crypto demographic in the U.S., as highlighted in a Visual Capitalist report 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 on Aug. 11, 2023, MAGA has surged by an astonishing 35,211%, while BODEN, launched on March 10, 2024, has seen a 768% increase.
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