After Republican presidential candidate Donald Trump made supportive comments about cryptocurrencies, the Trump-themed memecoin MAGA (TRUMP) saw a significant surge of 78% on May 9.

Currently trading at $6, MAGA's trading volume spiked by 620% to $281.8 million. With a market cap of $281.8 million, TRUMP is now ranked 248th on CoinGecko and is the 13th largest memecoin by market capitalization.

Other politically linked tokens also experienced gains, with Donal Tremp (TREMP) rising 136%, Independence Token (RFKJ) climbing 24.4%, and Joe Boden (BODEN) seeing a 1% increase.

During an NFT dinner at Mar-a-Lago, Trump suggested that his campaign would start accepting crypto donations and expressed support for the crypto industry. He contrasted his stance with the Biden administration, stating, "If you like crypto, you better vote for Trump."

In 2024, memecoins have become a profitable narrative, with a record 138 new erc-20 memecoins listed.

Crypto Koryo mentioned the significant increase in memecoins listed on CoinMarketCap, from 18 in April 2023 to 138 in April 2024.

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