Former US President Donald Trump recently made headlines due to his bold political moves, particularly his continuous support for the crypto industry.
This support sparked a surge in meme coins inspired by him, leading to fantastic gains in the market.
Meme Coins Inspired by Trump See Massive Gains
MAGA (MAGA), a meme coin inspired by Trump’s campaign slogan “Make America Great Again,” increased by approximately 162% in the last 24 hours. DEX Screener data reveals it is now trading at $0.0006501.
The on-chain tracker platform Lookonchain reported that a crypto trader made $2.7 million in just three days by 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 take profits. Currently, the trader holds 4.5 billion MAGA, valued at $2.51 million.
Read more: 11 Top Solana Meme Coins to Watch in May 2024
Additionally, MAGA’s spinoff on the Solana network recorded an extraordinary increase of 534,000% 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 increase in these meme coins might be attributed to Trump’s latest political move. As BeInCrypto reported earlier this weekend, Trump made several pro-crypto statements before the upcoming election. He strongly supported the crypto industry, emphasizing that the US must strive to be a global leader in this growing sector.
“I will ensure that the future of crypto and Bitcoin will be made in the USA. I will support the right to self-custody to the nation’s 50 million crypto holders,” he stated.
Remarkably, the former US president also pledged to pardon Ross Ulbricht, the operator of Silk Road, if re-elected. Trump promised to commute Ulbricht’s sentence to time served on his first day in office.
For the past months, Trump has been making crypto-focused political campaigns, such as hosting an exclusive dinner with the non-fungible token (NFT) community. Moreover, Trump has accepted cryptocurrency campaign donations, including Bitcoin (BTC).
Trump’s political shift is particularly noteworthy, given that he was a crypto skeptic during his prior presidency. Many believe that Trump aims to take advantage of President Joe Biden’s administration’s tougher actions toward the crypto industry. A recent survey from investment firm Paradigm reveals that 48% of crypto owners plan to vote for Trump, 39% for Biden, and 13% undecided.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
“Notably, among crypto owners, 43% recall voting for President Biden in 2020 and just 39% of crypto voters recall voting for former President Trump that year. So it appears some of the voters President Biden is now losing to Trump are owners of crypto, possibly because of actions taken by some agencies in the Biden Administration,” the report reads.
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