Author: 0xmonomi
As the 2024 US presidential election approaches, the cryptocurrency market, especially the meme currency sector that is 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 performed particularly well in the market. This is mainly due to Trump’s 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 their attitudes towards cryptocurrency, putting down their posture for the sake of election success, and beginning to accept areas that they were previously resistant to. The potential and influence of cryptocurrencies has clearly become a force that candidates cannot afford to ignore.
The recent market rebound has also been strongly stimulated by Trump's assassination. According to the observation of Greeks.live analyst Adam, this week has been a relatively calm week for macro events. However, the German and American governments stopped selling cryptocurrencies, the crypto market rebounded quickly, and the overall sentiment improved significantly. Data shows that Trump-related meme coins generally rose sharply, especially TRUMP, which rose as much as 68% in 24 hours. MAGA (TRUMP) and MAGA Hat also rose by 30.9% and 30.7% respectively. In addition, FIGHT, the "Trump Attack" meme currency on Solana, rose 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 condition after being shot, his probability of winning the election has risen to 70%, a new high, far exceeding Biden's 15%. This has undoubtedly further stimulated 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. The logic behind them and the market impact will be discussed in depth below.
On July 13, former US President Trump was shot at a campaign rally in Pennsylvania, but luckily The only thing is that 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 stabilized, his supporters and the market responded quickly, and the prices of Trump-related meme coins rose sharply, showing the market's confidence and expectations in Trump.
Not long before this incident occurred, the Republican National Committee of the United States released a draft party platform for the 2024 election, clearly expressing support for the cryptocurrency industry and vowing to end the "illegal crackdown" on cryptocurrency. The release of this draft party platform has attracted widespread attention, especially in the cryptocurrency community. Republicans have pledged to defend Bitcoin mining rights and allow cryptocurrency holders to take custody of their assets, opposing the creation of a U.S. central bank digital currency (CBDC). These policies are regarded as part of the "Trump version" of the future policy blueprint of the United States, aiming to attract the support of more voters.
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, expressing his hope that Bitcoin mining activities should remain within the United States to strengthen the country’s control and economic influence over cryptocurrency. That evening, Trump held what was called a “Presidential Roundtable on Bitcoin Mining” with representatives of several Bitcoin mining companies at Mar-a-Lago. Attendees included executives from companies including CleanSpark, Riot Platforms and Marathon Digital, where Trump expressed support for Bitcoin mining and promised to cheer for miners from the White House.
These positive policies and statements were quickly reflected in the market. As good news related to Trump continues to spread, the related meme currency market is extremely active. For example, CoinGecko data shows that the TRUMP token rose by as much as 68% in 24 hours, while MAGA and MAGA Hat rose by 30.9% and 30.7% respectively. In addition, FIGHT, the "Trump Attack" meme currency on Solana, rose 4256% in 24 hours, with a market value exceeding US$2.5 million. The data points to a positive market reaction to Trump's support.
Trump’s shift in cryptocurrency policy is not just a public statement, but also reflected in specific fundraising activities. In early June, Trump attended an event in San Francisco hosted by tech venture capitalists that raised $12 million, attended by crypto industry leaders such as Coinbase executives and the Winklevoss brothers, co-founders of Gemini. The fundraiser, which had a maximum ticket price of $500,000 per couple, has sold out, showing the crypto community’s strong support for Trump.
These actions and market reactions indicate 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 battleground for political gaming.
The shooting incident of Trump triggered violent fluctuations in the cryptocurrency market, especially the performance of meme coins related to Trump. However, it is not just Trump who is fueling the meme currency boom this time, but also fueled by social media and celebrities.
Trump’s supporters and the market reacted very quickly. On July 13, after Trump was shot at a campaign rally in Pennsylvania, news broke that his health was stable, which immediately triggered a sharp rise in the price of meme coins related to him. For example, the TRUMP token increased by 68% in 24 hours, and MAGA and MAGA Hat increased by 30.9% and 30.7% respectively. However, as news of Trump's discharge from hospital spread, the prices of these meme coins fell back, showing the market's sensitive response to short-term events. CoinGecko data shows that STRUMP fell by 15.8% within 1 hour.
Another big driving force behind the hype is the widespread discussion and support from celebrities and social media. Tesla CEO Elon Musk was one of the first big names in the technology industry to express support for Trump. He not only expressed his support for Trump many times on social media, but also compared Trump to great presidents like Roosevelt. .
OpenAI CEO Sam Altman also broke his long social media silence for the first time after Trump was shot and issued supportive remarks. Microsoft CEO Satya Nadella, Apple CEO Tim Cook and Amazon founder Jeff Bezos also tweeted to express their support for Trump and condemnation of the violence.
However, not everyone is convinced that Trump’s support for cryptocurrencies is genuine. Former BitMEX CEO Arthur Hayes pointed out in the blog post "Hot Chick" that Trump's cryptocurrency-friendly attitude is more to win votes than to truly support cryptocurrency. Hayes believes that many cryptocurrency experts and investors were misled by Trump’s remarks and blindly donated to his campaign in the hope that Trump would stop the suppression of cryptocurrency, but this idea is naive.
At the same time, billionaire Bill Ackman also publicly announced his support for Trump, saying that this decision was the result of careful consideration and extensive data analysis. Ackman’s support further fueled market interest in Trump-related meme coins, and even received a retweet from Elon Musk. The endorsements of these celebrities have undoubtedly intensified the market’s enthusiasm for Trump-related tokens.
To sum up, the hype of Trump-related meme coins is not only driven by his own remarks and events, but also fueled by social media and celebrities. However, the volatility of the market and the risks of short-term speculation cannot be ignored. Investors should remain cautious and view the market performance of these tokens rationally. Next, we'll dive into the market outlook and the risk factors behind it.
Trump’s shooting incident not only ignited the meme currency market, but also triggered widespread fluctuations in the encryption market, gold market and securities market. After the incident, the price of Bitcoin surged rapidly, surpassing the $60,000 mark. This fluctuation shows that political events are gradually increasing their influence on the cryptocurrency market.
First of all, the reaction of the encryption market is particularly obvious. As Trump expressed his support for cryptocurrencies, market sentiment increased, causing related tokens such as TRUMP, MAGA, etc. to rise sharply in a short period of time. However, this upward trend also comes with high risk and volatility. In the short term, the market may experience violent fluctuations driven by political speech and celebrity effects, and investors need to be cautious.
The gold market has also been affected. As a traditional safe-haven asset, gold also experienced certain gains after Trump was attacked. Increased uncertainty and risks in the market have caused investors to flock to gold in search of safety. However, gold's gains have been relatively stable, reflecting its enduring value as a safe-haven asset.
The securities market showed a more complex reaction. After the Trump incident, the U.S. stock market experienced short-term fluctuations, especially in industries closely related to Trump's policies, such as energy and encryption-related companies. Market expectations that Trump may return to power have made some companies' stocks popular, but the overall market sentiment remains cautious.
Looking to the future, the impact of political events on the crypto market will continue to exist. As the 2024 U.S. presidential election approaches, similar events may occur frequently, leading to increased market volatility. Investors need to pay attention to political trends, allocate assets reasonably, and diversify risks.
Overall, Trump’s shooting revealed the profound impact of political events on financial markets. Crypto markets, gold markets, and securities markets are likely to continue to be volatile in the short term. In this environment, investors should remain vigilant, pay close attention to market dynamics, and make rational decisions.
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