jakiro
Author: 0xmonomi
As the 2024 US presidential election approaches, the cryptocurrency market, especially the meme coin sector closely related to political events, has shown significant growth and activity.In particular, tokens related to former President Donald Trump, such as TRUMP, MAGA and TRUMP2024, have particularly outstanding market performance.This is mainly due to the recent positive moves in supporting the cryptocurrency field, which has gained widespread support.
At the same time, the Democratic Party and current President Biden are also rapidly adjusting his attitude towards cryptocurrencies, putting down his posture for the success of the election, and beginning to accept areas that have previously resisted.The potential and influence of cryptocurrencies have clearly become an important force that candidates cannot ignore.
The recent market rebound has also been strongly stimulated by Trump’s assassination.According to Greeks.live analyst Adam, this week was a relatively calm week for macro events, but the German and US governments stopped selling cryptocurrencies, the crypto market rebounded rapidly, and overall sentiment improved significantly.Data shows that Trump-related meme coins generally rose sharply, especially TRUMP, which rose by as much as 68% in 24 hours, and MAGA (TRUMP) and MAGA Hat also rose by 30.9% and 30.7% respectively.In addition, the “Trump attack incident” meme currency FIGHT on Solana increased by 4256% in 24 hours, with a market value exceeding US$2.5 million.
More importantly, data on Polymarket shows that as Trump is in good shape after the shooting, his probability of winning the election has risen to 70%, a record high, far exceeding Biden’s 15%.This undoubtedly further stimulates the market’s enthusiasm and investment confidence in Trump-related cryptocurrencies.
These phenomena show that Trump-related Trump series tokens are becoming the focus of the crypto market, and the following will explore the logic and market impact behind it in depth.
Trump survived the disaster after being assassinated, and his love for the election instantly became popular
On July 13, former US President Trump was shot at a Pennsylvania campaign rally, but fortunately he was not seriously injured.This incident not only caused an uproar in the political circle, but also had a significant impact on the cryptocurrency market.As Trump’s health stabilizes, his supporters and the market respond quickly, and the price of Trump-related meme coins rose sharply, showing the market’s confidence and expectations for Trump.
Not long before this incident, the Republican National Committee of the United States released a draft party program for the 2024 election, clearly expressing its support for the cryptocurrency industry and vowing to end the “illegal crackdown” on cryptocurrencies.The release of this draft party program has attracted widespread attention, especially in the cryptocurrency community.Republicans pledged to defend Bitcoin mining rights and allow cryptocurrency holders to keep their assets themselves, opposing the creation of the U.S. Central Bank Digital Currency (CBDC).These policies are seen as part of the “Trump version” of the future policy blueprint of the United States, aiming to attract more voters’ support.
At the same time, Trump has actively participated in cryptocurrency-related activities, strengthening his influence in the field.On June 12, Trump issued a statement on his Truth Social, saying he hopes Bitcoin’s mining activities remain in the United States to strengthen the country’s control and economic influence over cryptocurrencies.That night, Trump held talks with several Bitcoin mining company representatives at Mallagher Manor, known as the “Presidential Roundtable for Bitcoin Mining.”Attendees included executives from companies such as CleanSpark, Riot Platforms and Marathon Digital, where Trump expressed his support for Bitcoin mining and promised to sing flags and cheer for miners at the White House.
These positive policies and statements were quickly reflected in the market.As good news about Trump continues to spread, the relevant meme currency market performed extremely actively.For example, CoinGecko data shows that TRUMP tokens rose as much as 68% in 24 hours, with MAGA and MAGA Hat rising 30.9% and 30.7% respectively.In addition, the “Trump attack incident” meme currency FIGHT on Solana increased by 4256% in 24 hours, with a market value exceeding US$2.5 million.These data suggest that the market has responded positively to Trump’s supportive attitude.
Trump’s cryptocurrency policy shift is not only a public statement, but also reflected in specific fundraising activities.In early June, Trump attended an event held by tech venture capitalists in San Francisco, raising $12 million, including crypto industry leaders such as Coinbase executives and Gemini co-founder Winklevoss brothers.The highest ticket price for the fundraiser is $500,000 per couple, and the tickets are sold out, showing strong support from the crypto community for Trump.
These actions and market reactions suggest that Trump is using the emerging field of cryptocurrency to consolidate his campaign advantage and attract more voters and financial support.As the election approaches, the cryptocurrency market will continue to become an important battlefield for political games.
The price of Meme coins with the campaign concept has risen sharply, which is beneficial to PoliticFi?
The shooting of Trump this time has triggered violent fluctuations in the cryptocurrency market, especially the meme coins related to Trump have performed particularly well.However, this time, it is not only because of Trump’s popularity, but also because of the fuel from social media and celebrities.
Trump’s supporters and markets responded very quickly.On July 13, after Trump was shot at a Pennsylvania campaign rally, news of his stable health immediately triggered a sharp rise in the price of meme coins related to him.For example, TRUMP tokens rose by 68% in 24 hours, with MAGA and MAGA Hat rising 30.9% and 30.7% respectively.But as news of Trump’s discharge from hospital came out, the prices of these meme coins fell again, showing the market’s sensitive response to short-term events.CoinGecko data shows that STRUMP fell by 15.8% in one hour.
Another big driving force behind this hype is the extensive discussion and support from celebrities and social media.Tesla CEO Elon Musk was one of the first tech giants to support Trump. He not only spoke up on social media for support, but also compared Trump to a great president like Roosevelt..
OpenAI CEO Sam Altman also broke his long social media silence for the first time since Trump was shot, making supportive remarks.Microsoft CEO Satya Nadella, Apple CEO Tim Cook and Amazon founder Jeff Bezos also tweeted to express support for Trump and condemnation of the violence.
However, not everyone believes that Trump’s support for cryptocurrencies is sincere.In his blog post Hot Chick, former BitMEX CEO Arthur Hayes pointed out that Trump’s crypto-friendly attitude is more about winning votes than truly supporting cryptocurrencies.Hayes believes that many cryptocurrency experts and investors are misled by Trump’s rhetoric and blindly donating to his campaign, hoping that Trump will stop suppressing cryptocurrencies, but this idea is naive.
Meanwhile, billionaire Bill Ackman also publicly announced his support for Trump, saying the decision was the result of careful consideration and extensive data analysis.Ackman’s support further fueled the market’s interest in Trump-related meme coins, and even received support from Elon Musk for forwarding.The endorsement of these celebrities has undoubtedly intensified the market’s enthusiasm for Trump-related tokens.
To sum up, Trump’s hype about meme coins is not only driven by his own remarks and incidents, but also fueled by social media and celebrities.However, the market volatility and the risks of short-term speculation cannot be ignored. Investors should be cautious and look at the market performance of these tokens rationally.Next, we will explore the market outlook and the risk factors behind it.
Trump’s election will inevitably be beneficial to the Bitcoin market, and the future is worth looking forward to!
Trump’s shooting not only ignited the meme currency market, but also triggered widespread fluctuations in the crypto market, gold market and securities market.After the incident, the price of Bitcoin soared rapidly, breaking through the $60,000 mark.This fluctuation shows that the influence of political events on the cryptocurrency market is gradually increasing.
First, the response in the crypto market is particularly obvious.As Trump expressed support for cryptocurrencies, market sentiment rose, resulting in significant rises in related tokens such as TRUMP and MAGA in a short period of time.However, this uptrend is also accompanied by high risk and high volatility.In the short term, the market may fluctuate violently due to political speech and celebrity effects, and investors should be cautious.
The gold market has also been affected.As a traditional safe-haven asset, gold also saw a certain increase after Trump’s attack.The uncertainty and increased risks in the market have caused investors to flock to gold to seek security.However, gold’s gains are relatively stable, reflecting its lasting value as a safe-haven asset.
The securities market showed more complex reactions.After the Trump incident, U.S. stock markets experienced brief fluctuations, especially in industries closely related to Trump’s policies, such as energy and crypto-related companies, which have seen obvious stock fluctuations.The market’s expectations that Trump may regain power have made some companies’ stocks sought after, but overall market sentiment remains cautious.
Looking ahead, the impact of political events on the crypto market will continue.As the 2024 US presidential election approaches, similar events may occur frequently, resulting in increased market volatility.Investors need to pay attention to political trends, rationally allocate assets, and diversify risks.
Overall, Trump’s shooting revealed the far-reaching impact of political events on financial markets.Crypto markets, gold markets and securities markets may continue to fluctuate in the short term.Investors should remain vigilant in this environment, pay close attention to market trends, and make rational decisions.
