Key Insights
- US president-elect Donald Trump has launched a new $TRUMP memecoin, and it is topping the charts.
- This new memecoin has the same ticker as the original MAGA ($TRUMP) memecoin.
- While the legacy $TRUMP has performed well over the last 24 hours, the new memecoin is poised to chip away at its valuation.
- The Politi-Fi memecoin space remains incredibly volatile as of writing, and investors must approach with caution
The relationship between politics and crypto has gained more traction in January, as shown by the performance of the Poltit-Fi memecoins lately.
These tokens, which are tied to political events have grown in popularity over the last two years.
This week, however, something interesting is happening with them as Donald Trump prepares to take office as the next president of the United States.
In particular Trump-themed memecoins have been skyrocketing after a particularly eventful week.
Here’s a closer look at their performance so far, as well as the factors affecting their surge.
The Evolution of Trump-Themed Memecoins
The Trump-themed memecoins, especially MAGA (Make America Great Again) exploded in price, following the launch of the official $TRUMP memecoin by Donald Trump on Friday last week.
These tokens gained prominence last year, during the presidential campaigns, and skyrocketed based on Trump’s support for the crypto sector.
According to data from CoinMarketCap, the MAGA coin, which was launched In mid-2023 peaked at a market cap of over $700 million and hit an all time high of $0.054 a year after its launch.
However, soon after the elections, this cryptocurrency declined strongly, along with several others in its niche.
As of now, the cryptocurrency appears to be in a recovery phase, and has risen by a staggering 32% over the last 24 hours to a new price of $0.0618.
This growth came amid the announcement of the official $TRUMP memecoin, on Friday last week.
On-chain data shows that the bullish sentiment around MAGA has also skyrocketed lately, especially with the Weighted Sentiment indicator turning positive.
Technical analysts also shows that the cryptocurrency is experiencing bullish momentum, as shown by the ascending trendline above.
If this momentum is sustained and the Trump inauguration doesn’t turn out to be a “sell the news” event, the cryptocurrency could be on its way to hitting a new high of around $0.1.
The Legacy MAGA Token Faces Competition
This legacy memecoin used to bear the ticker symbol $TRUMP before the official $TRUMP announcement.
However, on Donald Trump’s official launch of the new memecoin, the new $TRUMP dominated the trading scene.
The token’s market cap fell from around $700 million to the $500 million mark within a matter of hours, and is showing signs of an impending correction, if the new $TRUMP continues to grow in popularity.
In stark contrast, the new $TRUMP has surged by nearly 1,000% over the last few days since its launch.
The cryptocurrency now has a market cap of nearly $20 billion, and has apparently dwarfed its legacy counterpart.
The official TRUMP memecoin has also climbed the Politi-Fi rankings, and has eclipsed others like Constitution DAO (PEOPLE) and Peanut the Squirrel.
Nevertheless, these other memecoins have performed excellently with $MAGA (magamemecoin.com) rising by nearly 3,000% over the last day, $STRUMP rising by nearly 70% and $FIGHT rising by nearly 150%.
Needless to day, the broader Politi-Fi landscape is still incredibly volatile and should be approached with caution.