TL;DR
- Donald Trump has shifted to supporting cryptocurrencies, aiming to make the US a global crypto leader if elected.
- His endorsement of a new crypto platform and rising political support could be among the reasons boosting the prices of several Trump-themed meme coins.
Trump’s Latest Pro-Crypto Move
One of the main US presidential candidates – Donald Trump – was among the biggest critics of the cryptocurrency industry years ago. However, several months back, he softened his tone, promising to let the industry thrive should he enter the White House as a winner.
Specifically, Trump expressed his desire for the United States to become the global crypto leader and to establish a national strategic reserve of Bitcoin (BTC). He also pledged to increase the country’s BTC mining efforts and opposed the idea of creating a central bank digital currency (CBDC).
Most recently, the billionaire endorsed a soon-to-launch cryptocurrency platform called “The DeFiant Ones.”
“For too long, the average American has been squeezed by the big banks and financial elites,” Trump wrote. “It’s time we take a stand — together,” the post reads.
Trump’s sons – Eric and Donald – have promoted the upcoming platform numerous times in the past weeks. The latter previously said that the family wasn’t introducing a meme coin but instead aimed to develop a solution that would rival the traditional banking system.
Interestingly, the announcement was followed by a substantial price increases for some Trump-themed meme coins. MAGA (TRUMP) has jumped by 20% daily, Super Trump (STRUMP) has pumped by 10%, while Trump Mania (TMANIA) is up 8%.
Another factor that might have fueled a price rally for the aforementioned tokens is Trump’s rising support. According to Polymarket, the Republican candidate currently collects around 51% of the votes, while his main opponent has approximately 48%.
Meme Coins to Outshine the Rest of the Market?
The meme coin niche has made waves during the latest bull run, with many tokens (including PEPE, WIF, FLOKI, BONK, and many more) charting new all-time highs earlier this year.
Crypto analyst Murad Mahmudov recently predicted that “cult meme coins” will continue outperforming the other crypto sectors until the end of the market cycle.
The X user made a list of the top 20 meme coins, excluding some of the largest ones like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI). He noted that the combined market capitalization of those tokens is just $8 billion, describing the figure as “effectively nothing in a world with over half a quadrillion in wealth.”
“I would not be shocked for Memes to hit $1T+,” Mahmudov stated.
It is worth mentioning that Artificial Intelligence (AI) cryptocurrencies and Real World Assets (RWA) were also depicted as sectors that may thrive alongside meme coins.
