Trump-themed Meme Coins Are Currently Thriving
Donald Trump-themed meme coins, including MAGA and MAGA HAT, defied prevailing market trends by achieving a 13-22% increase in value.
In recent news, a few political finance (PoliFi) tokens are based on former US President Donald Trump, who has defied Bitcoin (BTC), which has been in the news.
Today, as well as in the more extensive market correction, MAGA (TRUMP) and MAGA MAGA are among the meme coins that have experienced a 13-22% increase in value today.
This recent development has occurred in the wake of Donald Trump’s substantial lead in the prediction markets for the upcoming 2024 US presidential elections. The Polymarket data indicates that Trump’s likelihood of victory is 56%, as the former US president established a substantial advantage over Kamala Harris earlier this week.
As the US Consumer Price Index (CPI) data revealed higher-than-anticipated inflation for September, the Bitcoin price encountered substantial selling pressure late Thursday. This development has significantly diminished the likelihood of additional Federal Reserve rate cuts in November. Jerome Powell may postpone the subsequent rate cuts if inflation remains far from the Federal Reserve’s 2% objective.
The altcoin space is currently experiencing significant selling pressure, in addition to Bitcoin. Nevertheless, MAGA, MAGA HAT [NC], and the Solana-based TREMP, meme coins themed around Trump, have experienced double-digit digital gains in the past week.
While the MAGA HAT price has increased by 102%, the MAGA price has risen by 55% on the weekly chart. Conversely, TREMP, headquartered in Solana, has experienced a 93% increase in value over the past week.
PoliFi is a collection of meme coins and tokens that gained popularity earlier this year. This group allows traders and communities to speculate on the success or decline of political figures through market activity.
World Liberty Financial, Donald Trump’s DeFi project, made significant progress this week by submitting a proposal to AaveDAO to construct on the Ethereum DeFi platform Aave. World Liberty Financial, the Trump DeFi project, has suggested that it operate as an instance on Aave. This implies that the Ethereum-based DeFi platform would provide the requisite infrastructure for governance and other functions, thereby facilitating the efficient operation of World Liberty Financial.
According to an additional report, World Liberty Financial intends to generate $300 million by selling 20% of its native WLFI tokens. This results in a fully diluted valuation of $1.5 billion for the project.
As a governance token, WLFI will allow holders to vote on the platform’s development decisions. Nevertheless, these tokens will be non-transferable for the first 12 months, regardless of whether a community vote to permit transfers is approved. Furthermore, 63% of the token supply is designated for a future public sale, 17% for user rewards, and 20% for the team.
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