Trump meme coin spikes 40% after ex-President’s Milwaukee rally goes wrong

by

As a seasoned crypto investor with a knack for deciphering market trends and political undercurrents, I find myself intrigued by the recent developments in the Trump-themed meme coin market. The rise of TrumpCoin amidst the turbulence experienced by its peers is indeed an interesting turn of events.

Following the technical glitches and what some perceived as an unusually tense speech at Donald Trump’s Milwaukee rally, the value of at least one meme coin tied to Trump saw a boost, whereas many others experienced a substantial drop.

Investors, who had previously shown interest in these coins because of their connection to a former president and his nationalistic speech, experienced losses in their investments – with the exception of TrumpCoin (DJT).

Several of these digital currencies saw an initial surge primarily because of Trump’s suggestions favoring cryptocurrency and the political turmoil preceding the November 5th election.

However, following a rally in Wisconsin on a Friday, which saw President Trump making suggestive gestures with a microphone and issuing threats about withholding payment from a contractor, they suffered significant financial setbacks.

What is happening

— Aaron Rupar (@atrupar) November 2, 2024

On Saturday’s final check, TrumpCoin experienced a surge of 40%, contrasting with a downturn for both MAGA (Trump) and MAGA Hat (Make America Great Again), which saw losses at that time.

See the chart, below.

MAGA Coin

MAGA Coin, named after the phrase “Make America Great Again,” seeks to draw in individuals who want to showcase their support and admiration for the Trump brand.

Supporters frequently value it for being a collector’s item and a symbol of political affiliation. Last Saturday, there was a 4.6% decrease in its worth.

MAGA HAT

On Saturday’s latest check, the coin – modeled after Donald Trump’s iconic red campaign cap – had dropped over 19%.

Trump Inu

On Saturdays, a look revealed that Trump Inu, which capitalizes on the fame of both Donald Trump and dog-themed cryptocurrencies such as Shiba Inu, had dropped by 11.7%.

Harris rally presents a stark contrast

2020 Democratic presidential hopeful Kamala Harris, seeking backing from cryptocurrency enthusiasts, additionally hosted a rally in Milwaukee, not far from Trump’s gathering, emphasizing the significance of generating votes in Wisconsin, a crucial battleground state, prior to the November 5th election.

Trump won the state in 2016 but lost in 2020.

During Harris’s campaign rally, a lively gathering was fueled by performances from popular musicians such as Cardi B, GloRilla, Flo Milli, MC Lyte, The Isley Brothers, and DJ Gemini Gilly.

Additionally, the Vice President highlighted the importance of unity and negotiation, distinguishing her methods from those of Trump, whom she criticized for viewing opponents as adversaries.

She stated, “Contrary to Donald Trump, I do not view individuals who hold differing opinions as my adversaries. He advocates for their imprisonment. Instead, I aim to provide them with a space at the discussion table.

Trump’s World Liberty Fi

Trump’s own crypto startup, World Liberty Financial, hasn’t been doing well.

After receiving minimal investor attention, the company, initially founded by family members primarily consisting of the eldest sons, lowered their fundraising target following reduced demand for their WLFI token.

World Liberty Fi has decided to seek funding of up to $30 million from investors, which is a significant reduction of about 90% compared to its initial proposal of $300 million.

Read More

2024-11-02 16:00