As the US presidential election approaches, leading candidates Donald Trump and Joe Biden have turned their attention to the cryptocurrency industry, hoping to rally support from tech-savvy voters. In a surprising development, a Solana-based coin named TrumpCoin (DJT) skyrocketed over 368% in the past 24 hours, hitting around $0.025 early in Tuesday’s session in New York.
Here’s what you need to know.
The birth of TrumpCoin
The buzz around TrumpCoin began with bold media outlet Pirate Wires hinting at the former president’s support through his official account on X. Despite the enthusiasm, Ryan Selkis, CEO and founder of Messari crypto, warned investors to be wary, suggesting the possibility that the Federal Reserve is behind this account.
DJT and market frenzy
The rise in the value of the DJT meme coin has been accompanied by a remarkable increase in trading volume. On-chain data from Birdeye revealed that DJT’s fully diluted market capitalization stood at around $248 million, while its average daily trading volume jumped to around $372 million. Additionally, DJT has approximately $86 million in locked liquidity on Solana, with over 10,000 holders.
Other Meme Coins Take a Hit
While DJT has attracted considerable attention, other coins linked to Trump’s political influence have seen sharp declines. MAGA coin (TRUMP), based on Ethereum, has fallen more than 36% in the last 24 hours, trading around $6.87. Similarly, another Trump-themed coin, MAGA Again (MAGAA), fell more than 47%, trading at around $0.013 on Tuesday.
The growing involvement of US political parties in discussions about cryptocurrencies highlights a growing adoption of Web3 and digital assets. Additionally, the recent approval of Bitcoin and Ethereum spot ETFs in the United States is expected to attract more institutional investors to the crypto market soon.
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