Meme Coin News: MAGA Coins Drop Following Donald Trump Assassination Attempt
Why Trust Cryptonews
Get your weekly, bite-sized digest of meme coin news, with a focus on MAGA coins this week.
This week read about:
- Meme Coin News: Market Highlights
- MAGA Coins Drop Following Donald Trump Assassination Attempt
- Meme Coins Show a New Split Between Establishment and Anti-Establishment Forces
- Turbo In Talks With Animoca Brand’s AAA Gaming Studio
__________
Meme Coin News: Market Highlights
The meme coin market capitalization stands today at $49.3 billion, which is an 8.4% change in the last 24 hours.
The best performer in this time frame is BILLY. It’s up by 52% to the price of $0.1562.
LandWolf (WOLF) took the second place, having appreciated 44.2% to $0.0000585.
The rest are up 40% and below.
At the same time, very few coins are down today.
Spike (SPIKE) and Doland Tremp (TREMP) fell the most. SPIKE decreased by 29.1% to $0.01829, while TREMP dropped 18.3% to $0.4427.
As for the top 10 meme coins per market cap, all are green today.
TURBO increased the most, becoming the winner in this category. It appreciated nearly 17% to $0.0042.
TokenFi (TOKEN) also saw a double-digit increase: it’s up 12.9% to $0.07688.
The biggest meme coin in the space, Dogecoin (DOGE), is up 4.4%, currently trading at $0.11886.
The rest of this list is up between 3% and 6%.
Overall, it’s a good day for meme coins.
Except for the MAGA coins, that is.
MAGA Coins Drop Following Donald Trump Assassination Attempt
Meme coins with the word ‘MAGA’ in their names have seen significant price declines over the past 24 hours.
MAGA Hat (MAGA) fell 23% in a day and Bridged MAGA (TRUMP) is down 21%, among others.
The most popular among these coins is MAGA (TRUMP).
While initially seeing a surge, its price fell nearly 12% in the past 24 hours, currently trading at $8.22.
MAGA 24-hour price chart:
That said, the coin is up 42.5% in a week and down 32% in a month.
MAGA’s highest price was $17.51, recorded on Jun 1. It fell 53% since.
The trading volume in this period is $26,188,802, representing a 38.1% decrease from yesterday.
Meanwhile, ‘MAGA’ stands for ‘Make America Great Again’ – the slogan popularized by former US President Donald Trump during the 2016 election cycle in that country.
Following a series of controversies, accusations, and a trial that saw Trump become the first former US president to be convicted of a felony – having been found guilty of 34 counts in a Manhattan court on May 30 – he is back on the campaign trail for the 2024 elections.
There was an attempt on his life on Saturday during a rally. Trump escaped with an ear scrape, while two people were shot and one killed protecting his family.
Meme Coins Show a New Split Between Establishment and Anti-Establishment Forces
In the broader meme coin space, said the researchers, new projects are gathering momentum at “unprecedented speed” compared to any previous cycle, stated the CoinMarketCap report for the first half of 2024.
Even in the AI category, the most popular projects for the CMC users are mostly “meme-fied” AI concept tokens like Turbo.
“This potentially marks a shift from the previous dichotomy of crypto versus traditional finance to a new split between the establishment and anti-establishment forces within the crypto space,” the report said.
Furthermore, meme coins “reign” in the Solana (SOL) ecosystem. This, per the analysts, symbolize a rush into speculative assets.
Retail investors are prioritizing quick gains over VC-backed high FDV projects, further indicating an anti-establishment sentiment.
“The rapid influx of liquidity into meme coins creates a casino-like mood, where investors prefer to gamble on high-risk assets rather than rely on more value-oriented, traditional, slower-build projects,” they argued.
Meanwhile, in June, for the first time ever, meme coins became the most popular category in crypto on CoinMarketCap. They flipped the Smart Contract, DeFi, and NFT narratives.
This category accounted for some 23% of page views, with over 25 million in June.
Brazil, India, Indonesia, Germany, and Russia are the largest countries according to CMC crypto user traffic, driven by the meme-centric market environment.
On the other hand, countries such as the USA, United Kingdom, and France (traditionally more focused on BTC/ETH, DeFi, infrastructure, and institutional markets) have seen a decrease in crypto user market share.
Turbo In Talks With Animoca Brand’s AAA Gaming Studio
The team behind the AI concept token Turbo announced that they are “in talks” for another partnership following its recently announced one with the blockchain gaming giant Animoca Brands.
They are “in talks with [Animoca Brand’s] AAA gaming studio to integrate TURBO Toad into their upcoming karting game,” said the tweet.
Turbo went on to provide minimum system requirements and asked the followers to vote if they’d play this game.
Of 2,043 votes so far, 87% said they would play, 13% said otherwise.
🚀 Exciting News! 🚀
As a result of our partnership with @animocabrands & @TheMotorverse , we’re in talks with their AAA gaming studio to integrate $TURBO Toad into their upcoming karting game 🏎
Please vote below!
Minimum System Requirements
– OS: Windows 10
– Graphics Card:…— Turbo 🐸 (@TurboToadToken) July 13, 2024
In late June, Turbo announced a partnership with Animoca Brand’s Motorverse.
Per this press release, this strategic alliance is “designed to leverage Animoca Brands’ robust ecosystem and position TURBO as a recognized name with long-term market presence and token value.”
Animoca Brands is known for major projects including The Sandbox and PHANTOM GALAXIES, and partnerships with major IPs like The Walking Dead, Power Rangers, MotoGP, and Formula E.
Motorverse will engage in a token swap involving Motorverse’s REVV tokens and TURBO tokens.
The TURBO tokens received by Motorverse will be distributed to the Motorverse community of REVV holders.
https://twitter.com/TurboToadToken/status/1812038141022470219
