Since Donald Trump’s re-election in the 2024 US elections, Trump meme coins have increased in value.
Leading this trend is Peanut the Squirrel (PNUT), a meme coin whose price has risen 320% in just 24 hours.
This jump is due not only to the excitement surrounding Trump’s victory, but also to the emergence of new PNUT listings on prominent exchanges such as Binance and Crypto.com, which led to huge trading volumes and increased market interest.
PNUT Prices Skyrocket With Listing on Binance and Crypto.com
Recent listings of PNUT on Binance and Crypto.com have seen the token’s value skyrocket, with the Binance listing alone contributing significantly to PNUT’s 320% increase.
At the time of writing, the current price of the coin has reached $0.4835, which means a significant increase in one day.
Source: CoinMarketCap
Over the past week, PNUT has surged 1,300%, increasing its market capitalization from $95 million to an impressive $517 million, making it the 215th largest cryptocurrency by market value.
This rapid growth highlights the impact of major exchange listings on meme coins and the role of Trump’s political influence on their appeal.
Political support strengthens PNUT rally
In addition to the price surge caused by the listing, PNUT received support from influential figures.
Reports indicate that Trump received a donation of 1.7% of the total supply of PNUT, further increasing interest in the coin.
The timing of this donation, following Binance’s listing announcement, appears to have accelerated the token’s popularity.
Elon Musk expressed his support for PNUT on a recent episode of Joe Rogan’s podcast, adding fuel to the growing hype.
Musk’s support, coupled with the ongoing excitement surrounding Trump’s victory, has given PNUT a unique political and social media boost.
Trump’s Expanding Crypto Portfolio Gets Attention
In addition to support for PNUT, Trump’s cryptocurrency assets are attracting increased interest.
According to Arkham Intelligence, Trump holds a diverse array of assets in his crypto wallet, including 495.535 Ethereum (ETH) worth approximately $1.65 million and 478.7111 Wrapped Ethereum (wETH) worth approximately $1.59 million.
Trump also owns about 579.29 thousand MAGA tokens worth $1.04 million, as well as a stablecoin reserve of $137,000 (about $137,000).
His holdings reflect strategic diversification into the meme and major cryptocurrency token sectors, underscoring his interest in digital assets.
TROG: New Addition to Trump Meme Coin Investment
One of Trump’s latest acquisitions is TROG, a frog-themed meme coin inspired by his public image.
Trump is reported to own approximately 210.345 billion TROG tokens, worth approximately $994,930.
TROG’s value largely comes from its novelty and association with Trump, as meme coins often thrive on unique themes and community involvement.
This recent addition is consistent with Trump’s established interest in meme coins, especially those dedicated to his personality or political image, further cementing his role in the meme coin space.
Market reaction
The excitement surrounding Trump’s re-election and his public support for meme coins has caused a ripple effect in the cryptocurrency market.
Meme coins such as PNUT, MAGA and TROG have seen increased trading volumes and higher values.
The market reaction suggests Trump-themed coins may continue to attract interest from politically motivated investors and retailers.
While these assets are inherently volatile, the combination of politics and digital currency trading adds a unique level of attractiveness and potential market value.
As Trump’s influence in the cryptocurrency market grows, so does speculation surrounding his investments in meme coins.
The popularity of coins like PNUT and TROG reflects a trend where social and political factors are shaping investor behavior in the crypto space.
With continued support from high-profile figures like Musk, these meme coins may remain popular.
Their long-term performance remains uncertain as their prices are closely linked to social trends and external political events, making them high-risk investments with potential short-term rewards.
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