A meme coin named after Donald Trump experienced a major surge after the former president’s success in the New Hampshire primaries. The MAGA crypto, which goes under the ticker $TRUMP, was up 32% over the past 24 hours.
This rise comes in the wake of Donald Trump’s success in the New Hampshire primaries, a key event in the Republican presidential race.
Last year, a crypto wallet labeled with Donald Trump’s name received a few thousand dollars worth of this meme token. According to data from Arkham, these tokens are now valued at over $1 million.
It’s important to note that the issuance of TRUMP tokens is not directly associated with Trump himself. However, some investors are speculating on these tokens, betting on the outcome of his presidential campaign.
Trump’s recent primary wins
The increase in the memcoin’s value follows Donald Trump’s victory in the New Hampshire Republican presidential primary. Trump’s main rival in the primary was Nikki Haley, after Ron DeSantis suspended his campaign earlier this month.
In New Hampshire, Trump delivered a speech where he celebrated his victory and criticized Haley. He said: “She came in third [in Iowa], and she’s still hanging around.”
The outcome in New Hampshire and his win in Iowa earlier this month points to Trump likely becoming the Republican presidential candidate for the third consecutive time, possibly facing Joe Biden in the November election.
TRUMP coin’s mega gains
The TRUMP meme coin was issued in August and the developers initially sent $7,100 worth of tokens to a wallet under the former president’s name.
This practice of sending tokens to a notable individual’s wallet is a common marketing strategy among meme coin creators.
For the months following the token’s issuance, prices remained largely unchanged from the $0.01 mark it launched at.
TRUMP started rallying at the beginning of December, where it breached above the $0.40 mark.
However, its largest gains to date were made this month after the success in the Iowa and New Hampshire primaries.
The meme coin rocketed by over 300% in the past month. At the time of press, it was trading hands for $1.86, up 11,000% since its launch in August.
Trump criticises CBDCs
The TRUMP cryptocurrency experienced a previous surge in January after Donald Trump commented on central bank digital currencies (CBDCs). During a 2024 election campaign event in New Hampshire, Trump opposed the creation of a CBDC. He criticized the idea of moving the U.S. to a ‘digital dollar’ through a government-controlled blockchain, replacing the current fiat system.
Many of those in crypto and industry outsiders are critical of CBDC’s as they give governments more control and raise privacy concerns.
Trump’s statement, “As your president, I will never allow the creation of a central bank digital currency,” was met with approval from his audience and resonated within the crypto community, driving interest in the TRUMP meme coin.
