Donald Trump-themed memecoins like MAGA crypto are making a splash after a mid-Kamala Harris speech at the Democratic National Convention and an expected Robert F. Kennedy Jr.'s endorsement for Trump.
The MAGA token faced a steep drop under $3 in August, but it wasn't down for long. It bounced back with a 55.6% surge, topping at $4.14 and cooling at $3.7, punching through with a 40% rise in a single day.
This surge coincides with speculations surrounding RFK Jr. joining Trump's presidency and shifting the presidential narrative away from Harris.
Political Shifts and Market Reactions to MAGA Crypto
According to Polymarket, Trump's 2024 odds have hit 51%, outpacing rivals and stirring a newfound frenzy in Trump-themed cryptos. This political jolt is sending shockwaves through the crypto world, reigniting interest in Trump-centric digital assets.
Adding to the excitement, Trump has backed a new cryptocurrency platform launched by his family called "The DeFiant Ones," changing his tune on an industry he once eyed skeptically.
In his endorsement, Trump stated:
"For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand — together." This pro-crypto stance marks a significant departure from his earlier skepticism towards digital currencies.
Broader Memecoin Market Trends
MAGA tokens rally sent shockwaves throughout the meme markets and to separate Trump tokens.
Super Trump surged 10%, with Trump Mania hot on its heels at 8%. Meanwhile, the political crypto crowd under PolitiFi caught a 15.5% lift. Crypto analyst Murad Mahmudov has noted the potential for "cult meme coins" to outperform other sectors in the crypto space as the current market cycle progresses.
"Cult meme coins will continue to outperform other crypto sectors until the end of the market cycle." - Murad Mahmudov, Crypto Analyst
With Bitcoin sitting comfortably over $60,000, Trump-themed tokens will ride with BTC if it finally breaks through the slump its been in since April's halvening.
Historically, meme coins flourish in such times, buoyed by speculations of rate cuts, a sagging dollar, and a stock market that refuses to slow down. This might be one of the last times to buy - the 'boring zone' - before the next leg up.
