Maga Coin TRUMP/USD, the cryptocurrency themed around former President Donald Trump, continued its upward climb despite the Republican leader's conviction in a criminal trial.
What Happened: While the coin dipped sharply when the news first broke Thursday, it quickly rebounded, resulting in a 6% gain over the last 24 hours, according to data from CoinMarketCap.
The cryptocurrency outstripped the gains of market heavyweights Bitcoin BTC/USD and Ethereum ETH/USD, also leaving top memecoins like Dogecoin DOGE/USD behind.
The coin was up 71% over the week, and nearly 200% in the past month, helped largely by Trump's strengthening pro-cryptocurrency narrative.
Interestingly, Jeo Boden BODEN/USD, the cryptocurrency parodying Trump's arch-rival President Joe Biden, sank 10% in the last 24 hours.
Additionally, the floor price of the first edition of Trump Digital Trading Cards NFTs rose 1.22 to 0.085 WETH WETH/USD, worth $319 at the time of writing, as per Magic Eden.
Why It Matters: The strong performance of Trump-linked assets reflected optimism in his promises about making the U.S. a more conducive destination for cryptocurrencies.
The recent embrace marks a 180-degree pivot from his position a few years ago, when he called Bitcoin “a scam.”
Analysts told Benzinga that key personnel changes at the SEC, and abandonment of CBDC projects can be expected if Trump returns to the White House
Trump's cryptocurrency portfolio has swelled 141% to $12.8 million as of this writing, according to Arkham intelligence. MAGA remains the largest holding in Trump's wallet.
Photo via Shutterstock
Read Next: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Spikes Nearly 250% As Whales Show Interest In The Memecoin
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
