In the aftermath of a heated televised argument between former President Donald Trump and Ukrainian President Zelensky in the Oval Office, the meme coin market experienced an unexpected outcome. Meme coins themed after Trump, namely TRUMP and MAGA saw a significant spike in value, with the latter marking its first upward trend in over a month.
While the precise impetus behind a near 10% surge in MAGA’s value remains uncertain, it offers intriguing insight into the dynamism of the meme coin market.
The meeting between Trump and Zelensky at the White House intended to address the resolution of the ongoing conflict, however, the conversation quickly escalated into a contentious dispute. Trump’s impassioned words, “You’re gambling with the lives of millions of people. You’re gambling with World War III!” has since sparked extensive media discussion regarding potential implications on US-Ukraine relations and the war.
The controversial meeting has been deemed “a complete and utter disaster” by some Senators, casting doubt over the feasibility of future dealings between Trump and Zelensky. Amidst the political turmoil, an unexpected shift occurred in the crypto space, with TRUMP, the official meme coin of the former President, seeing an 8% increase in value.
Despite a steady decline throughout the month, TRUMP experienced a brief resurgence in mid-February, aided by a new airdrop. However, the significant player in this scenario is MAGA, the unofficial Trump-themed token, which surged nearly 10% following the televised argument.
MAGA, with no official affiliations to Trump or his associates, saw a few spikes during the election, but experienced a near-total drop after the launch of the official TRUMP meme coin. The recent surge in MAGA’s value raises probing questions about the motivations of meme coin traders, especially those supporting Trump.
Are these buyers viewing this as a sound financial investment, or is this surge a public demonstration of loyalty to their preferred politician? Some may even perceive this as an opportunity for a quick profit while the story dominates the headlines.
Given the nature of their names, a definitive search for these tokens on social media is challenging, rendering the assignment of concrete motives largely speculative. However, concerns have been raised by figures like Vitalik Buterin about the potential misuse of political meme coins for corruption. This concern is mirrored in new proposals currently in Congress.
Regardless of potential bans on politicians creating or endorsing meme tokens, the likelihood of enterprising individuals continuing to generate these tokens remains high. This unusual intersection of politics and cryptocurrency serves as a reminder of the unpredictable and evolving nature of both realms.
