TRUMP meme coin gains 700% market rise

The token valued at $1.27 last month is now trading at $11

A meme coin themed on Donald Trump has seen a 700% rise, reaching a market cap of $500million.

The MAGA meme coin called TRUMP, traded at $1.27 only a month ago is now valued at $11.

The coin has seen its value rise around major moments in Trump’s campaign for presidency with the project’s marketing director, Steven Steele saying: “It’s evolved to become this kind of de facto betting market on the election for many investors.”

Meme coins are on the rise, with Dogecoin and Shibu Inu leading the way and Steele aims to make Trump among the leaders: “My intention is really to have this up there with a DOGE or SHIB, that kind of scale and market cap and popularity.”

If Ethereum on-chain data is to be believed, a cryptocurrency wallet allegedly owned by Donald Trump, currently owns around $1million worth of TRUMP.

TRUMP isn’t the only Trump themed meme coin available on the market at the moment as well as a sleuth of NFTs as the presidential campaign heats up. 

Crypto investment fund, Mechanism, betting big on Trump-themed cryptocurrencies and NFTs believing Trump will be a key narrative in the near future.

Andrew Kang, CEO of Mechanism said in a tweet: Mechanism Capital has accumulated its first new positions for 2024. These new positions centre around Trump and include Trump-related meme coins and NFTs. Prolific usage of Trump sticker packs to start immediately.”

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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