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In a year full of global elections, the crypto industry remains expectant and critical of every candidate’s stance on cryptocurrencies. The US presidential elections could pose a turning point for regulations and adoption that could affect the industry worldwide.
On Wednesday, Donald Trump, former US president and Republican candidate, stated his support for the industry and criticized Biden’s administration for its stance on digital assets. MAGA (TRUMP), the Trump-inspired memecoin, saw its price skyrocket 63% in the following hours.
Trump’s Stance On Crypto
The Republican candidate held a gathering on Wednesday at his Mar-a-Lago resort in Palm Beach, Florida. Holders of NFTs bearing Trump’s name and likeness attended the Trump Cards NFT Gala.
During this event, the former US president strongly criticized Biden’s administration and its hostility towards the sector. He revealed he is “fine” with crypto and wants to make it a “solid” industry.
Trump claimed he’s the best option for those who are in favor of cryptocurrencies:
(…) I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.
Moreover, the Republican candidate asserted that “crypto is moving out of the US because of the hostility towards it,” something he alleges he doesn’t want to continue and promises to stop.
i asked donald trump how he’s going to keep crypto businesses in america.
sounds bullish 🇺🇸 pic.twitter.com/rvuztPmQ8P
— Malcolm (33.3%) (@macdegods) May 9, 2024
When asked what he would do to stop the exodus of digital asset businesses, he stated that to embrace them, they would have to let them be in the country. To achieve this, the candidate promised a more welcoming regulatory framework for crypto.
As part of his jab at the current administration, Trump mimicked US President Joe Biden, claiming he would be clueless if asked about cryptocurrencies. He further added, “The Democrats are very much against it.”
TRUMP Flips BODEN As Price Soars
After Trump’s declarations, two memecoins inspired by the politicians saw a price reaction. Jeo Boden (BODEN) soared 23.5% in the following hour, going from $0.34 to $0.42.
Since then, the price has retraced to hover between the $0.35-$0.36 range. BODEN is trading at $0.3492, representing a 15.1% increase in the last 24 hours.
The token’s daily trading volume also saw a significant 35.7% surge, with over $20 million traded in the past day. Despite benefiting from the Republican candidate’s jab at its inspiration, BODEN Still displays red numbers in the longer timeframes, with a 29.9% and 59.8% weekly and monthly decrease.
BREAKING: $TRUMP (@MAGAMemecoin) FLIPS $BODEN (@boden4pres) IN MARKET CAP pic.twitter.com/eCTwux4ZC9
— DEGEN NEWS 🗞️ (@DegenerateNews) May 9, 2024
As a result, TRUMP’s $252 million market capitalization flipped BODEN’s $239 million. The Trump-inspired token became the 14th largest memecoin by market capitalization, per CoinGecko data.
Moreover, TRUMP seemingly won this round with crypto investors, which rallied 63% after Trump’s statement. The token surged from $4.2 to $7.1 in the following hours before retracing to the $5.3 level.
TRUMP trades at $5.43 at the time of writing, representing a 36.2% increase in the last 24 hours.
TRUMP's performance in the 1-week chart. Source: TRUMPUSDT on TradingView
