There are countless varieties of meme coins in the crypto space. One particular type of meme coin is closely tied to a celebrity, where the celebrity’s every move and word can directly influence the coin’s rise and fall. The pioneer of this trend is none other than Elon Musk and Dogecoin. More recently, former U.S. President Donald Trump and the “Trump-themed” meme coins have become the latest example.
As the 2024 U.S. presidential election approaches, Trump, determined to return to the White House, has played his latest card. Since May, Trump has made several pro-crypto statements. On May 26th, he said he would “support the right to self custody to the nation’s 50 million crypto holders” and would “keep Elizabeth Warren and her goons away from” Bitcoin. Additionally, on May 22nd, he launched a cryptocurrency donation portal, becoming the first major party presidential candidate in the U.S. to accept cryptocurrency donations.
On one hand, Trump is inherently controversial and attention-grabbing, possessing a “meme-worthy” quality that makes him ideal for drawing community attention. On the other hand, his pro-crypto stance has garnered significant support from the crypto community. Moreover, this isn’t Trump’s first foray into the crypto space. Since December 2022, he has repeatedly launched NFT series themed around himself, laying the groundwork for his current stance. With these factors in play, many “Trump-themed” meme coins have emerged, sparking a new wave in the meme coin community.
As an exchange that actively embraces meme culture, HTX has recently listed two typical “Trump-themed” meme coins, MAGA and TREMP, both of which have seen remarkable gains of over 900% and 500% respectively since their listings. Additionally, well-known meme coins such as DOGE, SHIB, and PEPE have also enjoyed significant surges in recent days.
Of course, for meme coins like “Trump-themed” ones that are deeply tied to a celebrity, there are substantial risks when negative news about the celebrity surfaces. Today, as Trump was found guilty of 34 charges in the hush money trial, the “Trump-themed” meme coins also saw a sharp decline. Interestingly, although MAGA’s price kept going low at the moment, the price of TREMP soon rebounded, perhaps indicating that for a controversial figure like Trump, any news, whether positive or negative, can be an opportunity.
Now, let’s take a broader perspective, beyond the price rises and falls, to examine the relationship between Trump, the U.S. election, and the crypto community. Outwardly, it seems Trump has catalyzed the creation of numerous meme coins, leading to craze within the crypto community. In reality, cryptocurrency has already become an unavoidable factor in politics and economics, and the crypto community has grown into a significant force that no one should ignore. What Trump has done is merely recognize the importance of this force earlier than his competitors.
As HTX Global Advisory Board Member Justin Sun recently stated on the X platform, “We should convey a clear message that we will only support U.S. presidential candidates who are friendly to cryptocurrencies. The cryptocurrency community should unite to send a clear signal to society that this is an industry with a unified voice. The interests of the cryptocurrency industry should be encouraged and protected. If any candidate fails to do this, they risk losing the votes of 50 million cryptocurrency users and potentially losing the election. This message should be unequivocal.“
Note: This article does not constitute any investment advice.
