Memecoins Soar Despite Market Dip: TRUMP and BODEN Surge

Drawing inspiration from former and current US presidents Donald Trump and Joe Biden, meme cryptocurrencies have exhibited remarkable growth over the past 24 hours despite the broader market decline. The MAGA memecoin (TRUMP), inspired by Trump, has surged over 39%, while Jeo Boden (BODEN), representing President Biden, has appreciated by more than 17%.

Memecoins Surging: TRUMP and BODEN Rise Amidst Market Correction

In a surprising turn of events, memecoins inspired by former and current United States Presidents Donald Trump and Joe Biden have witnessed significant gains in the past 24 hours, defying the broader market pullback.

Trump-Themed Memecoin (TRUMP) Soars

The MAGA (TRUMP) memecoin, associated with former President Trump, has experienced a remarkable surge, climbing over 39% in value during the last 24 hours. This surge comes on the heels of Trump's recent comments expressing support for the use of cryptocurrencies in political campaigns.

Biden's Memecoin (BODEN) Gains Momentum

Jeo Boden (BODEN), a cryptocurrency referencing current President Joe Biden, has also witnessed an impressive appreciation of over 17% within the same timeframe. This rise can be attributed to the White House's recent stance on cryptocurrencies, with President Biden expressing his opposition to legislation that would allow financial institutions to act as custodians of digital assets such as Bitcoin.

Other Notable Memecoin Gains

According to data from CoinGecko, the top three gainers within the memecoin market over the past 24 hours are:

• Doland Tremp (TREMP): Up over 170%
• MAGA (TRUMP): Up over 36%
• Jeo Boden (BODEN): Up 16.6%

Trump's Influence on Memecoins

The rise of these memecoins can be partially attributed to Trump's recent statements regarding the use of cryptocurrencies in political donations. On May 8, Trump declared his support for ensuring that cryptocurrencies could be used in campaign contributions, potentially opening up a new avenue for political financing.

Biden's Opposition to Crypto Custody

In contrast, President Biden has expressed strong opposition to legislation that would allow financial institutions to act as custodians of cryptocurrencies. The White House administration believes that such a move could undermine the Securities and Exchange Commission's (SEC) efforts to protect investors and ensure the security of the broader financial system.

SEC's Role in Cryptocurrency Regulation

The SEC, under the leadership of Chairman Gary Gensler, has taken a cautious approach to regulating cryptocurrencies. The SEC's Staff Accounting Bulletin (SAB) No. 121 establishes restrictive guidelines for financial institutions regarding the custody of digital assets. Proposed legislation seeks to repeal this bulletin, but the SEC maintains its concerns about the potential risks associated with allowing financial institutions to hold cryptocurrencies on behalf of their clients.

Conclusion

The recent surge in memecoins inspired by political figures highlights the growing influence of these digital assets in the public domain. While the market for memecoins remains highly volatile, the recent gains by TRUMP and BODEN demonstrate the potential impact of political developments on the broader cryptocurrency landscape. As the regulatory environment around cryptocurrencies continues to evolve, it remains to be seen whether these memecoins will maintain their momentum or face setbacks in the future.