In a year filled with global elections, the cryptocurrency industry remains expectant and critical Each candidate's position on cryptocurrencies. The US presidential elections could It represents a turning point for the regulations and accreditation that could affect Industry around the world.
Donald Trump, former US President and Republican candidate, said on Wednesday His support for the industry and criticized the Biden administration for its stance on it Digital assets. MAGA (TRUMP), the Trump-inspired memecoin, has seen its price surge 63% in the following hours
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Trump's position on cryptocurrencies
The Republican candidate held a meeting 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 spoke forcefully Criticize Biden administration And its hostility to the sector. He revealed that he is “good” about cryptocurrencies and wants them To make it a “solid” industry.
Trump claimed that it is the best option for those who prefer cryptocurrencies:
(…) I'm fine with it. I want to make sure it's good and solid and everything else. but me good with it. And if you want, if you like cryptocurrencies in any way, they are available in abundance In different ways, if you support cryptocurrencies, you better vote for me.
Moreover, the Republican candidate asserted that “cryptocurrencies are moving out of the United States due to hostility toward them,” something he claims he does not want to continue and promises to stop.
I asked Donald Trump how he would keep the cryptocurrency business in America.
Looks bullish 🇺🇸 pic.twitter.com/rvuztPmQ8P
– Malcolm (33.3%) (@macdegods) May 9, 2024
When asked what he would do to stop the migration of digital asset companies, he replied: He stated that to embrace them, they would have to be allowed to remain in the country. to To achieve this, the candidate promised a more welcoming regulatory framework encryption.
As part of his criticism of the current administration, Trump imitated US President Joe Biden, saying: Claiming that he would be ignorant if asked about cryptocurrencies. He further added, “Democrats are strongly opposed to this.”
Trump flips Boden as prices rise
Following Trump's comments, two politically inspired memes saw a hefty price tag reaction. Jeo Boden (BODEN) price rose 23.5% in the next hour, from $0.34 to $0.42.
Since then, the price has declined to range between $0.35 – $0.36. Boden is It is trading at $0.3492, representing a 15.1% increase in the last 24 hours.
The coin's daily trading volume also saw a significant rise of 35.7%, to more than $20 Millions of dollars were traded last day. Despite benefiting from the Republican candidate's blow In its inspiration, BODEN Still shows red numbers on the longer time frames, with 29.9% and 59.8% Weekly and monthly decline.
broke down: $Trump (@MAGAMemecoin) flip $boden (@boden4pres) in market value pic.twitter.com/eCTwux4ZC9
– Degenerate News 🗞️ (@DegenerateNews) May 9, 2024
As a result, TRUMP's market value of $252 million exceeds BODEN's value of $239 million. The Trump-inspired token is now the 14th largest memocoin by market cap, according to CoinGecko data.
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Furthermore, Trump appears to have won this round with cryptocurrency investors, who surged 63% following Trump's statement. The token rose from $4.2 to $7.1 in the following hours before falling to the $5.3 level.
Trump is trading at $5.43 at the time of writing, representing a 36.2% increase over the past 24 hours.
TRUMP's performance in the 1-week chart. Source: TRUMPUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
