- MAGA HAT, JENNER, and TRUMP post double-digit gains.
- Fresh comments from the former president fueled the latest rally.
- Doubts circle the JENNER token’s link to the real Caitlyn Jenner.
Memecoins linked to former US President Donald Trump and celebrity Caitlyn Jenner soared on Monday after Trump endorsed crypto over the weekend.
Newly minted tokens like MAGA on Ethereum and JENNER — likely referring to Jenner, who ran for governor of California as a Republican in 2021 — on Solana have experienced parabolic price gains, with JENNER posting a 500-fold rise in the last 24 hours.
MAGA refers to Trump’s campaign slogan, “Make America Great Again.”
The MAGA token, which was launched less than two weeks ago, is up 150% in the last 24 hours. Its total market value peaked at $300 million on Monday with over $74 million in trading volume.
Variants of these tokens, such as MAGA and TRUMP on Solana are also being deployed on other blockchains with millions of dollars in trading volume.
JENNER, one of the hottest memecoins with almost $200 million in trading volume in the last 24 hours, is courting some controversy of its own.
There are doubts about the token’s connection to the real Caitlyn Jenner, an American socialite and former Olympian. That’s despite the token’s endorsements on Jenner’s social media accounts.
Jenner didn’t immediately respond to a request for comment.
“Not all cryptocurrencies, tokens, coins, or other crypto assets, are the correct investment for all individuals,” Jenner wrote on X. “There is always a risk associated with any investment ― including the loss of value.”
Crypto goes to Washington
Fresh comments from Trump, the presumptive GOP presidential nominee, who previously held a rather dim view of the industry, is playing a big role in the latest memecoin rally.
During a speech at the Libertarian National Convention on Saturday, Trump vowed to protect self-custody rights for crypto owners and never allow the creation of a central bank digital currency.
This shade of memecoin is not new to crypto, especially as the US presidential election approaches.
Earlier this year, several such tokens were launched with tickers referencing major political figures, such as US President Joe Biden and Federal Reserve Chair Jerome Powell.
Larger political memecoins like Jeo Boden fell 6% today, while Doland Tremp soared more than 15% on Monday.
Memecoin speculation has attracted a fair share of detractors, too, often pointing to offensive tickers promoting racist and sexist ideas.
Several memecoins launched earlier in the year, especially on Solana, fell into that category.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.
