Trump-Themed Tokens Rally as Crypto Fund Makes Bold Move

Trump-themed tokens are soaring in value as Mechanism Capital, a prominent crypto fund, makes a bold move into coins inspired by the former U.S. President. The fund is betting big on tokens and NFTs (non-fungible tokens) centered around Donald Trump, anticipating a surge in popularity driven by the media frenzy surrounding him, especially in the lead-up to the U.S. elections.

According to Mechanism Capital’s founder, Andrew Kang, these new positions revolve around Trump and include meme coins and NFTs. “Mechanism Capital has accumulated its first new positions of 2024,” 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 ThesisMeme coins are all about the attention economy and…

The primary focus of Mechanism Capital’s investment seems to be on a specific TRUMP meme coin offered by @MAGAmemecoin. This token boasts a market capitalization exceeding $90 million, with trading volumes reaching $3.3 million in the past 24 hours, per DEXTools data. Notably, a crypto wallet associated with Trump holds over $1 million worth of these TRUMP tokens, indicating significant interest from the Trump camp.

It’s essential to clarify that the issuance of TRUMP tokens, or any other meme token, is not directly linked to the former President. These tokens are made using special contracts on platforms like Ethereum. This means that anyone can create and trade them without much difficulty.

The rise in Trump-themed tokens shows that more people are interested in buying meme coins, which are like online jokes, to predict what might happen in the future. During the 2020 election, platforms like FTX and Polymarket facilitated trading in tokens representing Trump and his opponents, attracting millions in trading volume.

Looking ahead to the 2024 presidential election, Polymarket has seen significant activity. With bets on potential candidates including Trump and Biden. Currently, the market favors Trump with a 53% chance of winning, while Biden trails with a 36% chance. However, wildcard bets on figures like Michelle Obama and Gavin Newsom also draw attention, despite lacking credible evidence of their candidacy.

In the real-time meme coin market, the total market capitalization stands at over $20 billion, showing a 1.2% increase. The 24-hour trading volume amounts to approximately $690 million. Among the largest gainers, MAGA coin leads the way with a significant surge of 44.5%, followed by Mochi with a 32.4% increase, and Non-Playable Coin with a rise of 37.7%, as of this writing. 

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