Former President Donald Trump-related memecoin lead market following new crypto promises

Former President Donald Trump continued his advances toward the crypto community by hosting an event for holders of the Trump Cards NFT Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida.

During the event, Trump expressed his support for cryptocurrencies, announcing plans to accept digital asset donations for his potential re-election campaign. He also emphasized the need for a more favorable regulatory environment for the growing crypto industry.

Following the statements, a Trump-inspired MAGA memecoin lacking utility surged by over 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 critique of the Biden administration’s approach to crypto, signaling potential shifts in policy should he return to office.

Trump highlighted the exodus of crypto firms from the US due to regulatory hostility, promising a friendlier environment under his leadership to bolster the industry domestically.

The former president chastised Biden’s lack of crypto understanding, attributing it to his administration’s unfavorable stance. Trump said:

“Biden doesn’t know, Gensler is very much against it, the Democrats are very much against it.”

Notably, Trump previously held anti-crypto sentiments during his tenure, labeling Bitcoin as a scam in 2021. However, his views of the sector appear to have evolved, as evidenced by his embrace of non-fungible tokens (NFTs) bearing his semblance.

Trump is banking on this newfound view to gather support for his presidential campaign, stating that:

“If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump.”

These moves have spurred speculation on how a potential Trump presidency could benefit crypto. Financial institution Standard Chartered suggested that a second Trump term could be a boon for Bitcoin and other digital assets by offering viable alternative investment avenues.

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