Trump memecoins are restless amid Republican victory
Republican presidential candidate Donald Trump has won the US Presidential election and memecoins referencing him have seen increased volatility.
The price of the MAGA (TRUMP) memecoin oscillated between $2.85 and $4.74 over the last 24 hours. The 24 hour high is over 66% higher than the low, but the coin still managed to be 21% down over the last 24 hours and trade at $2.75 at the time of writing.
President Trump MAGA (TRUMPMAGA) saw even greater volatility, but in mostly just a single direction. Trading at $0.0003101, TRUMPMAGA saw its price skyrocket by over 468% from the $0.00005604 reported 24 hours ago.
The volatility reported by those and many other Trump-themed memecoins comes as vote counts show that Trump won 277 electoral college votes out of the 270 needed for him to win the presidency at the time of writing.
The Associated Press declared Donald Trump the winner of the 2024 presidential election after he secured the 270 electoral votes needed to reclaim the White House. This is the moment AP announced the race call. pic.twitter.com/KxVL6zYVWF
— The Associated Press (@AP) November 6, 2024
The reason for this is that while Harris had a largely unclear crypto agenda, Trump showed support for — widely criticized — plans to create a United States strategic Bitcoin (BTC) reserve this summer. Furthermore, in August the Republican candidate’s family also announced a decentralized finance (DeFi) platform — leading to him being personally invested in the future of the industry.
Department of Government efficiencyTrump also recently promised that he would give promised tech mogul and Dogecoin (DOGE) proponent Elon Musk control over an agency tasked with ensuring government efficiency if he won the elections which the billionaire joked would be called the Department of Government Efficiency (DOGE). This spurred the creation of multiple and related meme tokens.
Bitcoin also enjoyed a resurgence amid the news that Trump is likely to win and create a United States strategic Bitcoin reserve. At the time of writing BTC is trading at over $74,400 after seeing its price increase by about 8.3% over the last 24 hours.
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