Following a brief downturn triggered by the outcome of his “hush money” trial, the Donald Trump-themed MAGA meme coin experienced a late Thursday surge.
Initial reports indicated a slump in the prices of MAGA (TRUMP) and other meme coins associated with the former U.S. president immediately after Thursday’s verdict. Trump was convicted of 34 felony counts in his “hush money” trial. However, this downturn proved to be short-lived.
In a surprising turn of events, the unofficial TRUMP token not only recovered from its momentary losses but swiftly surpassed its pre-verdict price. The Ethereum-based token soared to achieve a new all-time high of $16.84 per token late Thursday, according to data from CoinGecko.
Over the past week, the token’s price nearly doubled, marking an increase of over 84%. This surge propelled its 30-day gains to an impressive 274% as of the latest data.
Currently priced at $15.26, representing a decrease of over 8% from its peak, TRUMP ranks as the 131st most valuable cryptocurrency by market cap. It also holds the top spot among politics-themed coins, or “PolitiFi” coins, by this measure. In contrast, the leading Joe Biden-inspired coin, the intentionally misspelled “Jeo Boden,” has experienced a 10% decline over the past day, settling at a price of $0.27.
The Trump-inspired token’s recent surge can be attributed to the former president’s newfound support for cryptocurrency. Trump, who previously criticized Bitcoin, has since embraced crypto, attracting interest from crypto enthusiasts.