Markets
Leading Memecoin Market Tied to Former President Donald Trump After New Crypto Pledges
Former president donald trump continued its strides towards the crypto community by organizing an event for cryptocurrency holders NFT Trumps Gala on May 8 at her Mar-a-Lago resort in Palm Beach, Florida.
During the event, Trump expressed his support for cryptocurrencies, announcing plans to accept donations of digital assets for their potential re-election campaign. He also emphasized the need for a more favorable regulatory environment for the growing crypto industry.
After the statements, a group inspired by Trump MAGA Useless memecoin increased by more than 40%. This impressive gain positioned MAGA as the top performer on CryptoSlate’s list of gainers during the reporting period.
Pro-crypto
videos circulating on social media showed Trump’s criticism of Biden management’s approach to crypto, signaling potential changes in policyand he should return to office.
Trump highlighted the exodus of crypto companies of the USA due to regulatory hostilitypromising a friendlier environment under his leadership to strengthen the industry internally.
The former president criticized Biden’s lack of understanding of encryption, attributing it to his administration’s unfavorable stance. Trump said:
“Biden doesn’t know, Gensler is completely against it, the Democrats are completely against it.”
Notably, Trump previously held anti-crypto sentiments during his time in office, labeling Bitcoin a scam in 2021. However, his views on the sector appear to have evolvedas evidenced by his acceptance of non-fungible tokens (NFTs) flaunting your appearance.
Trump is banking on this new vision to rally support for his presidential campaign, stating that:
“If you like crypto in any form, and it comes in many different forms, if you are for crypto, you better vote for Trump.”
These moves have sparked speculation about how a potential Trump presidency could benefit crypto. Standard Chartered Financial Institution suggested that a second Trump term could be a boon for Bitcoin and other digital assets, offering viable alternative investment avenues.