Trump and Biden-inspired memecoins rally despite broader crypto pullback

Memecoins inspired by former and current U.S. presidents Donald Trump and Joe Biden have surged in the past 24 hours.

The Trump-inspired memecoin MAGA (ticker: TRUMP) rose by over 44% during this period, according to CoinGecko data . Meanwhile, Jeo Boden (ticker: BODEN), a misspelled reference to incumbent President Joe Biden, increased by more than 22%.

According to Wintermute analysts, "fast money is observed within the memecoin sector, which has led to sector out performance over the last 7 days."

The Block’s GMCI Meme index , comprising the leading memecoins by market capitalization, has rallied by nearly 9% in the past week.

Memecoins related to U.S. presidential candidates have rallied in the past 24 hours. Image: The Block.

RELATED INDICES

According to CoinGecko’s memecoin market capitalization category page , the top three memecoin gainers in the past 24 hours are Donald Tremp, which surged by 122%, MAGA, which increased by 44%, and Jeo Boden, which rose by 22%.

In contrast, bitcoin was trading at around $60,800 at the time of writing, having fallen by over 2.4% in the past 24 hours, according to The Block’s price page . The price of ether dipped by over 1.4% to around $2,950 in the same period.