Dogecoin Pumps as GameStop Rally Kickstarts Memes Frenzy

With the frenzy around meme coins back following the rally of the GameStop stock, the original meme coin Dogecoin is up 8% over the last 24 hours, according to CoinGecko. DOGE started Monday priced around $0.13 before climbing above $0.15 as of this writing.

The broader meme coin market is up 10% on Monday, with the Ethereum-based Shibu Inu (SHIB) trading at $0.000024, up 7%, and Pepe (PEPE) at $0.00001, up 21%. Meanwhile, the Solana-based Dogwifhat (WIF) is sitting at $3.27, up 8%, with Floki (FLOKI) on Ethereum trading at $0.00019, up 11%.

Political meme coins (PolitiFi) are also up 20%, according to CoinGecko. Leading the charge are former U.S. President Donald Trump-themed meme coins, including the MAGA (TRUMP) token, currently trading at $8.41, up 31% for the day. Doland Tremp (TREMP) is sitting at $0.65, up 3%; and MAGA VP (MVP) is currently priced at $0.36, up 64%.

An Ethereum wallet tied to Donald Trump now holds nearly $5 million in MAGA (TRUMP) tokens. In total, the wallet belonging to the 2024 presidential candidate holds almost $7 million in crypto, according to blockchain analytics firm Arkham Intelligence. At its peak, the Trump-affiliated wallet held about $8.5 million worth of crypto assets.

While Trump meme coins are surging, the President Joe Biden-themed “Jeo Boden” (BODEN) meme coin is down 21% for the day at a current price of $0.27.

Last week, Trump gave a nod of approval to cryptocurrencies during an event with his NFT holders at the former president’s Mar-a-Lago resort in Florida.

Trump told the gathered collectors that he intends to stop the hostility toward crypto if elected to a second term this year, with the presumptive Republican candidate saying that if America is going to embrace the technology, then the industry has to be rooted in the country.

Analysts with British banking firm Standard Chartered recently suggested that a Trump victory in November would be good for Bitcoin and its future price projections.

“[Gary] Gensler is very much against it, the Democrats are very much against it,” Trump said. “But I’m good with it.”

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source