The self-proclaimed "MAGA Meme Coin" TRUMP/USD rebounded from a dip following last week's all-time high, confirming bullish price predictions with a 14.5% daily gain.
What Happened: After setting an all-time high of $11.41 on March 4, TRUMP lost over 40% of its value in a matter of days.
However, following the former president's comments on Bitcoin, the MAGA meme coin rebounded to trade slightly above $9 at the time of writing.
With a 300% rally in the past month, TRUMP has exceeded the gains of bigger meme coins like Dogecoin (+117%) and Shiba Inu (+257%).
Still, its market capitalization of over $400 million is well short of the multi-billion dollar valuations of its dog-themed rivals.
In its latest update on the official X page, the MAGA community announced a donation of $503,615 to Homeless Veteran Support and Child Trafficking Prevention, marking the 30th consecutive week of donations totaling 340.75 ether.
While Trump-related events have fueled the rally in the MAGA memecoin, there is no direct association between the former president and the token.
Why It Matters: While the meme coin landscape has been dominated by dogs—and sometimes cats—TRUMP is the first "PoliFi” token, a token branded after a politician.
Erik Stevens, a pseudonymous cryptocurrency trader with a big stake in TRUMP, hailed it as the pioneer of the PoliFi space in a recent interview.
Another example is Jeo Boden, a coin branded after a cartoon that misspells President Joe Biden's name on purpose.
While the Trump meme coin began trading in August 2023, the Biden meme coin was only launched as recently as the first week of March.
Polymarket data shows Trump as a 52% favorite to win the presidential election, with Biden's chances rated at 35%.
With Trump softening his stance towards Bitcoin, "PoliFi-branded" meme coins might be here to stay in the 2024 election year.
Read Next: Donald Trump's MAGA Coin Holdings Catapult His Crypto Wealth To $8.79M (CORRECTED)
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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