In the past 24 hours, memecoins inspired by former and current U.S. presidents, Donald Trump and Joe Biden, have witnessed significant surges in value. CoinGecko data reveals that the Trump-inspired memecoin MAGA (TRUMP) experienced a remarkable increase of over 44% during this period. Additionally, Jeo Boden (BODEN), a coin with a misspelled reference to incumbent President Joe Biden, saw a surge of more than 22%.
The recent rally in presidential election-related memecoins coincides with Trump’s announcement on Wednesday regarding his acceptance of cryptocurrency for campaign donations. During the gathering, which was organized by Trump on his day off from trial, the former president assured the attendees, “If you can’t, I’ll make sure you can.” He confidently stated that he believes individuals will be able to donate to the Trump campaign using cryptocurrency.
In addition to his campaign donation plans, Trump took the opportunity to criticize President Joe Biden’s understanding of cryptocurrency. He claimed that Biden “doesn’t even know” what crypto is and urged supporters of cryptocurrencies to vote for him, saying, “If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump.”
Responding to a question about keeping crypto businesses in the United States, Trump emphasized his commitment to retaining them in the country. He expressed concern about any potential relocation of crypto ventures due to hostility towards the industry, stating, “If crypto is moving out of the U.S. because of hostility toward crypto… well, we’ll stop it. We don’t want that. If we’re going to embrace it, we have to let them be here.”