Eric Trump continues to tease an upcoming crypto project. Several politically themed memecoins have skyrocketed following his latest comments. Joke Cryptocurrencies have become climates for political winds this year.
The Donald Trump-themed memecoin is up nearly 200% in the past 24 hours, after the former president's second son again teased an upcoming crypto project.
It's not the only one: Many other politically themed memecoins have skyrocketed after Eric spoke with Trump. The New York Post about the Trump Organization's upcoming crypto project without providing new details about it.
When it comes to the ups and downs of joke cryptocurrencies, it's hard to pin down the ultimate cause of the latest market swings — they can all be easily moved by Donald Trump. Latest Attacks Vice President Kamala Harris on the economy or a chat with Elon Musk.
Whatever the reason, this time is enough to send it A month-old Maga People Token Flying by night.
This isn't the first time that politically motivated memecoins have responded to election headlines.
This year, the political winds have turned into weather where they are blowing.
Winners and losers
On the contrary, Kamala Harris Gained about 3% in last 24 hours.
in the day from The New York Post As the article with Eric Trump was published, many political memecoins went up.
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Pepe (Trump) increased by over 149% and Fight to MAGA 20% increase
Others did not fare well. DJTThe Trump-themed coin, which former pharmaceutical executive Martin Shkreli whipped up this summer, fell 29%.
Similarly, Dark MAGA And MAGA (Trump) About 11% and 2% fell.
Memecoins are the craze
Memecoins' propensity for violent market swings makes the Bitcoin price rock-solid. Moreover, they serve no purpose other than to give room for speculation.
Still, memecoins are big business.
The total market capitalization is $39.4 billion and has seen trading volumes of $4.1 billion in the last 24 hours. CoinGecko data. Crypto project Pump.fun, a no-code tool that allows anyone to spin up Memecoin on Solana, was so popular at one point that on July 2 its daily earnings surpassed all of Ethereum.
Political joke coins — a subcategory of celebrity-based memecoins — have been key to this year's hype.
Modeled after real-life politicians like Donald Trump, Vice President Kamala Harris, or anti-crypto senator Elizabeth Warren, these tokens typically include misspelled names and unflattering caricatures of the people they're based on.
None of these memecoins have official links to their real-life effects. Furthermore, the market sees them as bellwethers where the political winds are blowing.
For example, the Donald Trump-themed MemeCoin TRUMP It rose nearly 48% in the days after the Republican presidential candidate survived an assassination attempt. Many within it enjoyed similar jumps after the Supreme Court ruled that Donald Trump could not be investigated for his official acts as president.
Similarly, Kamala Harris rose nearly 131% after President Joe Biden dropped out of the presidential race and named Harris as his successor.
Eric Johnson is the news editor for DL News. Got a tip? Email at [email protected].
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