In a year full of global elections, the crypto industry remains expectant and critical Each candidate's position on cryptocurrencies. The US presidential election could They represent a turning point for regulations and adoption that could affect the industry worldwide.
On Wednesday, Donald Trump, former president of the United States and Republican candidate, stated his support for the industry and criticized the Biden administration for its stance on digital resources. MAGA (TRUMP), the Trump-inspired memecoin, saw its price skyrocket 63% in the following hours.
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Trump's stance on cryptocurrencies
The Republican candidate held a meeting Wednesday at his Mar-a-Lago resort in Palm Beach, Florida. nft holders bearing Trump's name and likeness attended the Trump Cards nft Gala.
During this event, the former US president strongly twitter.com/missteencrypto/status/1788370898187162029?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1788370898187162029%7Ctwgr%5E8d5abc4cbe3d710da29aea07596ccd548e18d3b5%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fbitcoinist.com%2Fdonald-trump-crypto-im-good-with-it-vote-for-me%2F” target=”_blank” rel=”nofollow”>criticized The Biden administration and their hostility towards the sector. He revealed that he is “fine” with cryptocurrencies and wants to turn it into a “solid” industry.
Trump stated that it is the best option for those who are in favor of cryptocurrencies:
(…) I'm fine with that. I want to make sure it's good and solid and everything else. But I am good with that. And if you want, if you like cryptocurrencies in any form, and they come in many different ways, if you are in favor of cryptocurrencies, you better vote for me.
Furthermore, the Republican candidate stated that “cryptocurrencies are leaving the United States due to hostility towards them,” something he claims he does not want to continue and promises to stop.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
I asked Donald Trump how he is going to maintain the cryptocurrency business in the United States.
sounds optimistic pic.twitter.com/rvuztPmQ8P
– Malcolm (33.3%) (@macdegods) twitter.com/macdegods/status/1788363913634914481?ref_src=twsrc%5Etfw” rel=”nofollow”>May 9, 2024
When asked what he would do to stop the exodus of digital asset companies, He stated that to hug them they would have to let them be in the field. TO To achieve this, the candidate promised a more welcoming regulatory framework for crypto.
As part of his attack on the current administration, Trump imitated US President Joe Biden, stating that he would have no idea if he was asked about cryptocurrencies. He further added, “Democrats are very against it.”
TRUMP changes BODEN as price soars
After Trump's statements, two memecoins inspired by politicians saw a price reaction. Jeo Boden (BODEN) soared 23.5% in the next hour, going from $0.34 to $0.42.
Since then, the price has retreated to range between $0.35 and $0.36. BODEN is trading at $0.3492, representing a 15.1% increase in the last 24 hours.
The daily trading volume of the token also saw a significant increase of 35.7%, with over $20. millions traded in the last day. Despite benefiting from the blow of the Republican candidate In its inspiration, BODEN continues to show red numbers in the longer terms, with 29.9% and 59.8%. weekly and monthly decline.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
RIP: twitter.com/search?q=%24TRUMP&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$TRUMP (twitter.com/MAGAMemecoin?ref_src=twsrc%5Etfw” rel=”nofollow”>@MAGAMemecoin) LAPS twitter.com/search?q=%24BODEN&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$BODEN (twitter.com/boden4pres?ref_src=twsrc%5Etfw” rel=”nofollow”>@boden4pres) IN MARKET CAPITAL pic.twitter.com/eCTwux4ZC9
– DEGENERATED NEWS (@DegenerateNews) twitter.com/DegenerateNews/status/1788396743941345326?ref_src=twsrc%5Etfw” rel=”nofollow”>May 9, 2024
As a result, TRUMP's $252 million market capitalization invested BODEN's $239 million. The Trump-inspired token became the 14th largest memecoin by market capitalization, according to data from CoinGecko.
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Furthermore, TRUMP apparently won this round with cryptocurrency investors, who were up 63% after Trump's statement. The token rose from $4.2 to $7.1 in the following hours before retreating to the $5.3 level.
TRUMP is trading at $5.43 at the time of writing, which is up 36.2% in the last 24 hours.
<img decoding="async" class="size-large wp-image-607248 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/05/TRUMP-shoots-up-362-and-overturns-BODEN.png" alt="crypto, TRUMP, TRUMPUSDT” width=”860″ height=”336″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/TRUMPUSDT_2024-05-09_08-40-59.png?w=1077 1077w, https://www.newsbtc.com/wp-content/uploads/2024/05/TRUMPUSDT_2024-05-09_08-40-59.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/TRUMPUSDT_2024-05-09_08-40-59.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/05/TRUMP-shoots-up-362-and-overturns-BODEN.png 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/TRUMPUSDT_2024-05-09_08-40-59.png?w=750 750w” sizes=”(max-width: 860px) 100vw, 860px” loading=”lazy” data-recalc-dims=”1″/>
TRUMP's performance in the 1-week chart. Source: TRUMPUSDT on x/WqOoywTP/" target="_blank">TradingView
Featured image from Unsplash.com, chart from TradingView.com
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