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Super Trump ($STRUMP) has experienced a remarkable surge in value over the past day, increasing by 1,000%. While the token has since trimmed some gains, it is still up by around 400% over the past 24 hours.
With a market value of $13 million, the cryptocurrency stands among the leading 2,500 digital currencies by market capitalization. It has a total supply fixed at 2.6 billion coins, with a 24-hour trading volume of $5,423,730.
STRUMP’s rally comes after Bitcoin (BTC) retraced sharply on Tuesday. The leading cryptocurrency by market value fell 10% to $59,300 after reaching a new lifetime high above $69,000.
Key Takeaways
- STRUMP witnessed a massive 1,000% surge in value before stabilizing, reflecting a 500% increase over the past day.
- The cryptocurrency’s market capitalization reached $13 million, ranking it among the top 2,500 digital currencies.
- STRUMP’s rally coincided with a significant drop in Bitcoin’s value.
- As part of the “PoliFi” trend, STRUMP merges decentralized finance with political support.
- The anticipation of the 2024 US Presidential elections and Trump’s evolving stance on cryptocurrencies have notably influenced STRUMP’s popularity and value.
What is STRUMP?
Super Trump is a cryptocurrency designed to support Donald Trump, the 45th President of the United States. It utilizes blockchain technology to create a digital asset ecosystem that supports principles such as limited government and free-market economics.
The cryptocurrency is part of a growing trend in the crypto market called “PoliFi,” which combines decentralized finance (DeFi) and politics. This fusion aims to leverage blockchain technology not just for financial transactions but also to engage and mobilize political support.
Through PoliFi, digital currencies like Super Trump carry political significance, representing support for specific ideologies or figures within the political landscape.
Perhaps the most well-known token in this realm is the MAGA (TRUMP) coin, another Donald Trump-themed meme coin. The token has a market cap of more than $358 million, poised to join the ranks of legendary canine-inspired tokens like Dogecoin (DOGE) and Shiba Inu (SHIB).
Why is STRUMP Trending?
The rise of Super Trump is attributed to various factors. More notably, the anticipation surrounding the 2024 US Presidential elections has attracted investor interest in these coins, which can serve as a means to speculate on political developments.
Trump’s changing stance towards cryptocurrencies has further contributed to the rise of these coins. In a recent town hall on Fox News, the former president acknowledged that Bitcoin has “taken a life of its own” and will probably need some regulation.
Trump said:
“I’m seeing people wanting to pay Bitcoin, and you’re seeing something that’s interesting, so I can live with it one way or the other.”
Prior to that, Trump said he’ll “never allow” the issuance of Central Bank Digital Currency (CBDC) issuance in the US if elected.
“Such a currency would give the federal government, our federal government, absolute control over your money… They could take your money, and you wouldn’t even know it was gone,” he warned.
Furthermore, there have also been strategic investments in Trump-related meme coins and non-fungible tokens (NFTs) by major entities. Last month, crypto fund Mechanism Capital said it is betting on tokens and NFTs centered around Donald Trump.
“Mechanism Capital has accumulated its first new positions of 2024,” founder Andrew Kang said in an X post. “These new positions center around Trump and include Trump-related meme coins and NFTs. Prolific usage of Trump sticker packs to start immediately.”
Mechanism Capital has accumulated its first new positions of 2024. These new positions center around Trump and include Trump related meme coins and NFTs. Prolific usage of Trump sticker packs to start immediately.
Basic Thesis
Meme coins are all about the attention economy and… pic.twitter.com/AXLPMmBs4u
— Andrew Kang (@Rewkang) February 5, 2024
PoliFi Tokens Take the Spotlight
PoliFi tokens are enjoying increased attention as the United States gears up for its upcoming election. They offer a novel way for individuals to express their political support, speculate on election outcomes, or invest in the potential influence of political ideologies on the market.
Among the most notable in this niche is the MAGA token, which has rallied impressively. The token is up more than 380% over the past month and a staggering 47,000% since its launch in late 2023, according to data from CoinMarketCap.
The rise of STRUMP, which is relatively new compared to TRUMP, can be attributed to speculations that the token could mirror or even surpass the meteoric rise of its PoliFi predecessor.
It is worth noting that Joe Biden-themed meme coins have also hit the market. On Wednesday, a token with the ticker BODEN, most probably based on the current US president, rose by more than 4,000% as daily volume spiked to more than $23 million, according to CoinMarketCap.
The Bottom Line
The meteoric rise of STRUMP highlights the growing intersection of decentralized finance and political sentiment, notably through the “PoliFi” trend.
Capturing the attention of investors ahead of the US elections, the meme coin has gained 10x over the past day before retreating. It is currently up by more than 400% over the past 24 hours.
