The past week has witnessed a remarkable uptick in the market capitalization of the top 50 memecoins, collectively growing by over 10%.
This surge coincides with a broader rebound in the cryptocurrency and speculative altcoin sectors during the month of May.
Among the standout performers in the past 24 hours are MAGA Coin ($TRUMP) with a staggering 50% increase, Turbo Toad Token ($TURBO) up by 38%, Ponk.e ($PONKE) showing a 12% rise, and Myro ($MYRO) with a 9% gain.
📈🐶 The top 50 #memecoins have collectively grown their market caps by +10% in the past week as #crypto and speculative #altcoins have enjoyed this May rebound. Top 24-hour performers include:
🪙 @magacoincrypto $TRUMP +50%
🪙 @turbotoadtoken $TURBO +38%
🪙 @ponkesol $PONKE… pic.twitter.com/ddjFv6XzAr— Santiment (@santimentfeed) May 9, 2024
A significant factor driving the recent rise in memecoin valuations is attributed to the involvement of former U.S. President Donald Trump and his vocal support for cryptocurrencies.
Mentions of Trump surged notably around the local bottom of the cryptocurrency market, coinciding with fears among traders regarding potential anti-crypto policies from the Biden administration.
🇺🇸 Much of the attribution to these latest #memecoin rises are going to #DonaldTrump and his pro-#crypto endorsements. As shown, mentions of #Trump soared near the #cryptocurrency local bottom, along with #Biden, who traders fear anti-crypto policies. https://t.co/YlPLTa048q pic.twitter.com/tA5xWiINTh
— Santiment (@santimentfeed) May 10, 2024
Smart Traders Makes Moves On Memecoins Like $TRUMP
One trader, known as “waxl.eth,” capitalized on the surge in MAGA Coin ($TRUMP) to achieve remarkable gains. With an initial investment of $6.5K, waxl.eth managed to turn it into $5.6M, marking an impressive gain of 870x.
By purchasing 2.08M $TRUMP across two wallets and strategically selling a portion for $902K, waxl.eth still retains 832K $TRUMP tokens valued at $4.7M.
The trader"waxl.eth" turned $6.5K to $5.6M with $TRUMP, a gain of 870x!
He spent $6.5K to buy 2.08M $TRUMP via 2 wallets and sold 1.24M $TRUMP for $902K, with 832K $TRUMP($4.7M) left.
And waxl.eth also made more than $1.23M on #basedAI.
He spent $4K to buy 249K #basedAI and… pic.twitter.com/V2nAQPa7ve
— Lookonchain (@lookonchain) May 9, 2024
Furthermore, waxl.eth also found success with basedAI, another memecoin in the market. With an initial investment of $4K, waxl.eth acquired 249K basedAI tokens and subsequently sold a portion for $137K, holding onto 238K basedAI tokens valued at $1.1M.
These success stories underscore the speculative nature of the memecoin market and the potential for significant gains for savvy traders.
As the crypto market continues to evolve, investors closely monitor the dynamics of memecoins and their interactions with broader market trends, seeking opportunities for profitable investments amidst the volatility.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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