Analysis of Trump-Themed Meme Coins and Crypto Trader's Profits

A knowledgeable trader managed to secure a profit of $814 SOL by engaging with two meme coins inspired by Donald Trump. One of these coins, $FREE, experienced an impressive surge of 450.49% in its market value within a mere 24-hour period. The announcement of a guilty verdict in the criminal case involving former US President Donald Trump sparked fervor among New Yorkers, leading them to gather outside Manhattan's Courthouse in support of his potential 2024 presidential campaign.

The aftermath of this verdict in the crypto realm unfolded in the creation and surging popularity of various Trump-themed meme coins. FREE, a prominent player in this trend, witnessed a steep rise of 450.49% according to data from CMC. Another meme coin, Never Surrender, also enjoyed a substantial increase in market price, climbing by 264%. However, MAGA, another notable Trump-inspired meme coin, did not encounter a similar surge in value on the particular Friday in focus.

During the early hours of the Asian trading session, a trader executed trades with two specific tokens and reaped around 972 SOL, translating to $167K in profits. These trades involved Free Trump (FREE) and Never Surrender (TRUMP), which resulted in SOL gains for the trader.

Notably, the trader initiated with an investment of 85 SOL ($14.6K) to purchase $FREE. As the token witnessed a rapid ascent in value, the trader made a strategic move to sell it for 814 SOL ($140K), generating a profit of 729 SOL ($125K). The second meme coin, $TRUMP, was acquired for 72 SOL and produced a profit of 243 SOL, equivalent to $42K as highlighted in reports from LookOnChain.

Implications of Trump's Stance on Crypto

Donald Trump, America's 45th president, who championed a pro-crypto agenda during his election campaign, garnered substantial support from the crypto community. This support has triggered the emergence of over a hundred different crypto assets in the guise of meme coins.

Trump's commitment to prioritizing cryptocurrency development if he triumphs in the 2024 elections has resonated well within the crypto sphere. Engaging in discussions around crypto policies with prominent figures like Elon Musk, the founder of X, Trump has articulated his vision of propelling the US to a prominent position in the cryptocurrency domain.

The recent surge in prices of meme coins inspired by Trump can be partly attributed to his involvement in the crypto space. The heightened attention garnered by these coins, particularly FREE showcasing the most significant surge in market value, underscores the impact of Trump's engagement.

Beyond cryptocurrencies, Donald Trump's interest extends to Non-Fungible Tokens (NFTs) as evidenced by the release of his 'Trump Digital Trading Cards' NFT collection in 2022 on the Polygon blockchain. Subsequently, a follow-up series was introduced in 2023.

As Trump awaits sentencing for his criminal convictions on July 11, with a potential prison term of up to four years, the cryptocurrency market continues to observe the ripple effects of his actions.

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